For 2020 tax filing the IRS has introduced a new 1099 form called Form 1099-NEC. This form will be used to report non employee compensation, which in previous years this income was reported using box 7 on the 1099-MISC form. We have updated our 1099 eFiling flow to reflect this change to ensure you are able to still have a seamless experience when filing your taxes through Buildium this year.
Things to note:
If you work with independent contractors, the new Form 1099-NEC form is due February 1, 2021.
When eFiling with Buildium there will be no additional cost for vendors you've worked with, as the NEC form replaces the non-employee compensation previously listed in Box 7 of the Misc 1099 form. (NOTE:If a rental owner you work with is also a vendor you have paid, then there will be an additional cost when filing for those individuals as they would require both a 1099 Misc as well as the new Form 1099 NEC)