Form 1099-NEC: Generating and filing contractor Non-employee Compensation forms

SystemSystem Posts: 412 admin
imageForm 1099-NEC: Generating and filing contractor Non-employee Compensation forms

Beginning with the 2020 tax year, non-employee compensation is reported in Box 1 of Form 1099-NEC. This change means that independent contractor payments made through Wave will no longer be reporte...

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edited January 21, 2021 in Help Center Discussion

Comments

  • John_PBJohn_PB Member Posts: 1

    Wave generated and filed 1099-NEC for the non-employee contractors that my company used in last year. To my surprise, a couple of these contractors contacted me advising that they file as S-CORP and that they do not require 1099. Wave generated the 1099-NEC based on the information that I plugged in when I registered the vendor, which includes the EIN.

    1) Wave really should include in the Vendor registration an option to include if the vendor is a sole proprietorship, Corp, S-Corp, LLC, etc. This would be a safe proof way to avoid 1099-NEC being issued to Corp or S-Corp by mistake.
    2) Since Wave already filed the 1099-NEC to these S-CORP contractors, what should I do now? Do I need to file a 1099 correction, and if so do I do it manually?

  • SlaterSlater Member Posts: 1

    I filled my 1099-NEC on Wave on the 19th. However today I received an email telling me I need to subscribe in order for it to go through. When I tried to subscribe it said my account can't be activated because I'm still on the free trial. Please help I don't want to miss the Feb 1 deadline.

  • AlexLAlexL Member Posts: 2,869 ✭✭✭

    Hey @John_PB , can you reach out to our Support team via the chatbot in app? We may need to have our Payroll Specialists take a look at your situation if it involves an amendment.

    Hi @Slater , I see that you wee helped by one of our agents but if you have any further questions, don't hesitate to get in touch again directly.

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