Form Changes for 1099-MISC and 1099-NEC For the Year 2022
The objective of this blog post is to introduce what updates were done on 1099-MISC and 1099-NEC Forms (Copy B) in order to be compliant with the latest regulations published by the IRS relevant for the year 2022. This enhancements you can find in SAP Business ByDesign 22.11 release.
- Box number 13 has been assigned to the Foreign Account Tax Compliance Act (FATCA) filing requirement checkbox. Subsequently, old box numbers 13 through 17 have been renumbered to new box numbers 14 through 18, respectively
- The wording in the header and in the footer of the form was slightly updated
You can find the form in the Tax Management work center under Withholding Tax Returns. Just click on Tax Return ID created for 1099-MISC for the year 2022; select View All and click on Preview button.
- The wording in the header and in the footer of the form was updated
You can find the form in the Tax Management work center under Withholding Tax Returns. Just click on Tax Return ID created for 1099-NEC for the year 2022; select View All and click on Preview button.
Using of these updated forms for the reporting of 1099-MISC and 1099 NEC Withholding Tax for the Tax Year 2022 to tax authorities assure that you are compliant with the latest regulations published by the IRS.
Can you please let me know if the SAP note is ready for these changes for ECC? I couldn't find one.
The note is relevant for SAP Business ByDesign. I am not responsible for ECC.
I have a client who did not get their FIRE ID (TCC) in time to file electronically. KBA 3430264 "Cannot Find the Form 1099-MISC Copy A" states that only electronic files are supported. It would be great if BYD had option (perhaps next year?) to produce print forms, acceptable to the IRS for the " IRS copy A" forms for 1099MISC and 1099NEC, as well as the 1096 form for each of those. I suspect other clients are in the same boat.
Phoenix Business Consulting