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Author's profile photo Danton Prestes

US Legal Changes 2015 for 1099 and 1042 reporting – Smartform and PDF

Hi all,

We already have new notes just released for 1099 reporting, where Print Forms Layouts in Smartforms and PDF format are available.

Two notes are available:

2227185 – US Legal Change 2015 – 1099 and 1042 Smartforms and Adobe Forms (600 and above)

2227186 – US Legal Change 2015 – 1099 and 1042 Smartforms and Adobe Forms (current releases).

Those notes are the main notes which will contain the relevant details to be adjusted in order to correct and update 1099 and 1042 report including Smartform and Adobe Forms.

The major changes include:

1. 1099INT – Box 13 “Bond Premium on tax-exempt bond”, “FATCA filling requirement” checkbox introduced and year changed to 2015;

2. 1099MISC/MISC1- “FATCA filling requirement” checkbox introduced and year changed to 2015;

3. 1042S – Numbering of the boxes are changed and year changed to 2015;

4  1099G – year changed to 2015;

5. 1099K – Box 1b is renamed and year changed to 2015.

Also notes containing the newest changes for 1099 Files were released:
2250865 – US 2015 LC – 1099 File Changes
2250866 – US 2015 LC – 1099 File Changes ( for lower releases).

Please follow up on those notes for latest updates about 1099 and 1042 updates for the Tax Year 2015 to be submitted in 2016.

I hope it helps to address you your concern about this subject.

Danton Prestes.

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      4 Comments
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      Author's profile photo Manuela Valente
      Manuela Valente

      For more information about item 2: 1099MISC/MISC1- "FATCA filling requirement" checkbox introduced and year changed to 2015;

      Please read KBA 2237008 - How is FATCA checkbox populated - US Legal Change 2015 - 1099

      In case you are having issues to implement 1099/1042s notes please refer FAQ KBA:

      2263633 - FAQ - 1099 and 1042s year 2015

      Author's profile photo Former Member
      Former Member

      Hi All,

      Is it possible to apply this changes for 2015 if the changed for 2014 are not implemented in the system?

      The notes for 1042 and 1099 changes for 2014 are not implemented in our system, but we want to implement the changed for 2015. Please suggest.

      Thanks,

      Parag

      Author's profile photo Former Member
      Former Member

      ADS - Adobe Document Services -

      Is this a new requirement to be able to produce 1099's for 2015?

      Regards

      Doreen

      Author's profile photo Manuela Valente
      Manuela Valente

      Hi Doreen,

      ADS is required in case you want to print the report in PDF format.

      For more information about PDF you can read KBA note:

      2185281 - 1099/1042-S: 2015 Smartforms to PDF format changeover

      Regards,

      Manuela.