What's New: Automated IRS1099 Reporting (2024 release wave 1)

Overview

The video walks through the redesigned 1099 reporting functionality for the US market. It explains the limits of the old setup and print forms, then shows the new structure: IRS reporting periods, form and form box setup, per-vendor IRS setup, and 1099 form documents with headers and lines created from purchase invoices.

The demo covers enabling the feature and transferring legacy data, copying setup from a prior period, suggesting vendors for form boxes, propagating vendor setup to ledger entries, and reviewing form document lines. It then covers marking documents as submitted, printing copy types on plain paper, and emailing PDFs to vendors. Electronic submission to the IRS is not yet implemented and is expected in upcoming minor releases, with timing depending on IRS confirmation.

Key points

• The feature is for the United States market only. Electronic filing through the IRS platform via APIs is announced for the next few minor releases, with no firm date because it depends on IRS confirmation.
• Until electronic submission exists, the Mark Submitted action is used so documents can be printed and mailed. A later Submit action is meant to replace it.
• IRS setup now has reporting periods with start and end dates and one active period. Different years can be maintained in parallel, and a Copy Setup action copies forms, form boxes, vendor setup, adjustments and statement lines from a prior period.
• The new app is enabled in feature management or the assisted setup. Enabling it in one company enables it for all companies. Moving legacy 1099 data is a one-way process and is not mapped one-to-one. New customers can instead start with default data.
• Each 1099 form document covers a single form type, for example miscellaneous and nonemployee compensation cannot be mixed. Purchase invoices get form and form box prefilled from vendor setup. Form documents are created with Create Forms from the reporting period, and the Replace option recreates them after ledger changes.
• The Including 1099 field on form document lines shows whether an amount reaches the minimum reportable amount. The Propagate action applies vendor form box setup to existing purchase documents and vendor ledger entries.
• Copy B, Copy C and Copy 2 print on plain paper as substitutions, so pre-printed IRS forms are not needed. Email delivery requires vendor consent and an email address, and the TIN can be masked to the last four digits.

Features

AL objects mentioned

As heard in the captions. A name that matches one object page by exact type and name links to it; the others stay as named.

• table “1089 Setup” at 3:09
• table “IRS Setup” at 8:07
• page “1089 Layout Setup” at 11:46
• table “Vendor Ledger Entries” at 4:49
• page 10031 “IRS Reporting Periods (US)” at 22:38
• page 1801 “Assisted Setup” at 21:04
• page “IRS forms feature” at 21:17
• other “vendor form box setup” at 26:43
• other “vendor form box” at 27:20
• page 26 “Vendor Card” at 28:40
• other “IRS forms app” at 29:01
• other “form documents” at 31:15
• other “1099 form document” at 32:34
• page “IRS form setup” at 37:50
• other “IRS 1099 form setup” at 39:12

Not found in BC28-30: table “1089 Setup”, table “IRS Setup”, page “1089 Layout Setup”, table “Vendor Ledger Entries”, page “IRS forms feature”, page “IRS form setup”.

Quotes

• 1:37 “form 1089 is one of several IRS text forms used as a mention only United States uh 1089 form is recorded entity or person”
• 2:37 “this is something what we had earlier let’s say we still have this inside the BS Centra but this is old feature and now”
• 8:27 “now we have IRS setup with different periods so you can have different setups for one year another year next year so you do”
• 9:08 “when we go to the next stage to review you can much easier review earlier”
• 10:30 “even now uh you could print only if you have up to 10 uh reports per year so this is a really small number”
• 13:37 “irs through iris uh portal will come in next few minors uh now i cannot promise exactly uh date”
• 13:37 “this black box uh connection with uh IRS through Iris uh portal will come in next few minors”
• 13:57 “it will be before your reporting period because now we have more than enough time to have everything ready for end of year”
• 14:29 “this is only one way process so once you start you have first to choose data transfer and data transfer will uh offer you”
• 17:11 “one form for is one document and you have more form boxes and it means one more for example you have miscellanous and yes”
• 18:12 “you will not print original preprinted form by IRS so you will not order uh from IRS uh original forms anymore”
• 19:43 “by default you can print original tetin uh your company te and your vendor team that’s okay but you can use a setup to”
• 20:44 “after you enable the feature in the feature Management in one company uh it is basically enabled for all the companies”
• 25:01 “you have the special action that is called copy setup prom uh so once you created the period you click copy set set up”
• 26:23 “you don’t need to add all the vendors here manually as you can imagine you can have thousands of vendors”
• 28:00 “you have the action that is called propagate uh so you choose your vendor setup uh the dates will be taken from the reporting”
• 32:13 “this is very different from the previous experience in the previous experience you posted vend Ledger entries and then you just print the report”
• 33:31 “based on the this field including 1099 you can understand okay so I’m going to include this code in 1099 report or I don’t”
• 33:51 “part is not implemented yet and that will be available in the one of the next releases uh but we want you to”
• 34:32 “instead of Markus submitted action in the future releases you will have the action that is called just submit and the data will be”
• 39:31 “we were thinking uh maybe in the future we will introduce more IRS uh things now this is not promising do not understand me”
• 39:51 “so you will find 1089 only on a fors what is exclusively for 1089 reporting but for all others we are we kept only”

Disclaimers in the video

• 0:17 other: this is local topic only for the United States Market
• 13:37 coming-later: this black box connection with IRS through Iris uh portal will come in next few minors uh now I cannot promise exactly uh date because we are waiting some confirmation from IRS
• 13:57 subject-to-change: we are waiting some confirmation from IRS as soon as we get we will finish this part
• 33:51 not-in-this-release: the submission of the 109 report we want to send this electronically uh this is part is not implemented yet and that will be available in the one of the next releases
• 34:11 coming-later: this part will be changed instead of Markus submitted action in the future releases you will have the action that is called just submit and the data will be sent electronically to ARs
• 39:31 other: we were thinking uh maybe in the future we will introduce more IRS uh things now this is not promising do not understand me wrongly
• 39:31 not-in-this-release: we were thinking uh maybe in the future we will introduce more IRS uh things now this is not promising do not understand me wrongly

Presenters (as heard): Alexander Toic, Arthur Vel, Alexander, Arthur.