PREREQUISITE: SOFTWARE MUST BE ON 2013.15.30

UPDATED:

• Requirement to backup SQL database before updating CS software - for safety measures
• All 2014 tax forms and instructions have been updated with IRS changes
• All business rules and custom queries have been updated for 2014 form fields
• All 2014 sample import files and Excel data shells have been added
• Import speed enhancements
• The speed of resetting a filed session has been improved
• All help files have been updated for 2014
• TTIN's masking is now permissable for SSN's, EIN's, ATIN's and ITIN's as per TD 9675.  Refer to publication https://www.federalregister.gov/articles/2014/07/15/2014-16464/irs-truncated-taxpayer-identification-numbers
• Recipient records updated to accommodate TIN Type Code , Chapter 3 and 4 status codes, Foreign TIN, GIIN and Date of Birth fields for 1042-S use.
• 1099 Pro will default the new “Recipient TIN Type Code” field required by the IRS on forms 1042-S as follows.  Blank/Missing TIN = “0 - No TIN required”, SSN = “1 – SSN/ITIN”, EIN = “2 – Standard EIN”.  Please carefully review that your recipients and their respective TIN Type Codes are correct after the roll has been completed.
• Recipient fields "USA Residency Status", "Medical or Legal", and "Recipient or Entity Type"  were added to the recipient records and all forms.
• TIN Management Updates to Batch Processing:
• New Request Types added: "Account Closed", "Bad Address", "Admin Error", "TIN on File", and "Other".
• Ability to set a Request's Return Address & Phone number by tagging.
• Ability to set a date that the request was mailed.
• A new Reviewed Checkbox on each request.
  
  

FORM CHANGES:

• 1042-S – Underwent a complete re-design and is updated for FATCA
  
  • Software thresholds for IRS filings were modified to report to the IRS any amounts >= 50 cents to avoid a under-reporting penalty eliminating the exclusion of Canadians < $10.  Refer to IRS regulations http://www.irs.gov/pub/irs-drop/rp-12-24.pdf
  • Note the required “TIN Type” code which was not on the form.  See 1042-S Pro v2014.10.15 Full for an in-depth look at changes to this form.  
• 1098 - The heading is deleted from box 4 and Box 5 is deleted.
• 1098 C - Box 1 is re-positioned and Box 2a was added.
• 1099 B - Underwent a complete re-design. State copies have been added to the form as well.

• 1099-H - Due to the implementation of the ACA, the form has been removed for tax year 2014.

• 1099 INT - Most of the boxes on this form are re-positioned to accommodate new boxes 10 & 11.
• 1099 K - Box 1 is divided into boxes 1a and 1b.  The 2nd TIN notice box has been added.
• 1099 LTC - The spacing for most of the boxes on this form were re-positioned.
• 1099 MISC - Boxes 11 and 12 were deleted from the form.
• 1099 OID - New headings were given to boxes 5 and 6. On form 1099-OID Box 5 Foreign Tax Paid is replaced by Box 5 Market Discount. 
  • Consequently, any values in 2014 box 5 will be zeroed out as there is no box or placeholder on the form for Foreign Tax Paid when the scripts are run to update the CS Database for 2014 values.  If for some reason you have data in box 5 that needs to be saved we recommend that you export your Data in all OID forms via Utilities, Export forms to ASCII files so that your data can be re-imported in the proper format.
• 1099 R - Added new Box 7 Code "K"
• 5498 - New boxes 15a and 15b were added to the form. Box 15b Codes added for the type(s) of investments
• W-2G - Most of the boxes on this form were re-positioned.  
• 8966 - New form for FATCA reporting will be available (add on module is available for purchase, please contact us for pricing).

COMING SOON:

• Puerto Rico support for 2014
• IRS electronic filing
• State direct electronic filing