If you do business with vendors that are subject to United States (US) 1099 tax, you must track the amount that you pay to each vendor and report that information to the US tax authorities at the end of the calendar year. The vendors are typically individuals who aren’t employees, and who provide services to your organization. You must also send a statement to each 1099 vendor that you do business with to inform them about the amount that you’re reporting to the tax authorities.
When you set up a vendor as a 1099 vendor, the amounts are tracked in Microsoft Dynamics 365 Finance throughout the year. On invoice lines, you use the 1099 box and 1099 amount fields to track 1099 amounts. As you settle payments against invoices that contain 1099 information, the 1099 settled values are tracked.
Our Electronic Reporting catalog supports the following 1099 tax documents;
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