Product Updates 422 and 421: New and updated tax forms (American legislation)
Under the American legislation, there are now changes to the Process 1099's screen and mapping of boxes. A new tax form option is now available. This is to support printouts on the Nonemployee Compensation (1099-NEC) form. To address this, Exact Globe Next (EGN) made changes to the Process 1099's screen. In the Tax form field, 1099NEC can now be selected.
In addition to this, there is an update to generating 1099-MISC forms. The following changes were made to the Cut off amount section:
- Box 7: MNEM has been removed. Nonemployee compensation (MNEM) is now recorded in 1099-NEC form.
- Box 10: MCRP has been reassigned to Box 9: MCRP.
- Box 14: MATT has been reassigned to Box 10: MATT.
Other changes made in the background to the 1099-MISC form include:
| Previously
|
Updated to become
|
| Box 9 |
Box 7 |
| Box 10 |
Box 9 |
| N/A |
Box 11 is a new box to record Fish purchased for resale. |
| Box 14 |
Box 10 |
| Box 15A |
Box 12 |
| Box 15B |
Box 14 |
| Box 16(i) |
Box 15(i) |
| Box 16(ii) |
Box 15(ii) |
| Box 17(i) |
Box 16(i) |
| Box 17(ii) |
Box 16(ii) |
| Box 18(i) |
Box 17(i) |
| Box 18(ii) |
Box 17(ii) |
An example of a filled up 1099-MSC form is as follows:
When 1099NEC is selected at the Tax form field, Box 1: MNEM will be displayed under the Cut off amount section.
When generating a printout to fill up the 1099-NEC form, the following data is retrieved from the relevant transactions for the specified creditors:
- Box 1 is filled with Nonemployee compensation data.
- Box 4 is filled with Federal income tax withheld data.
- Boxes 5(i) and 5(ii) are filled with State tax withheld data.
- Boxes 6(i) and 6(ii) are filled with State/Payer's state number data.
- Boxes 7(i) and 7(ii) are filled with State income data.
An example of a filled up 1099-MSC form is as follows:
| Main Category: |
Attachments & notes |
Document Type: |
Release notes detail |
| Category: |
|
Security level: |
All - 0 |
| Sub category: |
|
Document ID: |
30.000.719 |
| Assortment: |
Exact Globe
|
Date: |
08-03-2021 |
| Release: |
422 |
Attachment: |
|
| Disclaimer |