Note: Your software must be on at least v2022.17.30 to apply this update.

New and improved:

• We updated all 2023 tax forms and instructions with IRS changes.
• We updated all business rules and custom queries for 2023 form fields.
• We updated all reports for 2023 tax form changes.
• We updated all help files for 2023.
• We optimized the Service Bureau upload reset process. (JARVIS-229)

Form changes:

• 1099-K
  • The Reporting Threshold has been lowered from $20,000 to $600 in payments, with no transaction limit. This change was signaled last tax year but was deferred, it will be in effect for tax year 2023.   
• 1099-PATR
  • The Continuous Use and instructions have been updated to remove references to specific years.
  • Box 12 has been updated to include sustainable aviation fuel mixture credit.
• W-2
  • For tax year 2023, the Social Security Wage Base is now $160,200.
  • For tax year 2023, the Social Security tax withheld amount should not exceed $9,932.40 ($160,200 × 6.2%).
  • The tax year 2023 Social Security and Medicare coverage threshold for Household wages is now $2,600 ($200 increase from 2022).
  • Beginning in tax year 2023, the W-2 is one of the forms subject to the electronic filing threshold change. As a result, if your business has an aggregate total of 10 or more W-2, 1099, 1042-S, or 1095 forms, you will now be required to file electronically.
    • Read this article for more details.
• 1042-S
  • New codes:
    • Income Code 58
    • Chapter 3 Status Code 39
  • Removed codes:
    • Chapter 3 Status Codes 03, 04, 09

Bug fixes:

• We fixed an issue with new business rules being added or forms with state withholding. (JARVIS-761-771)
• We fixed an issue with 2nd TIN check and Box 2 on the 1099-NEC audit trail for Transactional Import/Import Reset. (JARVIS-855)

File hash: 5B78095D542D8B1B34AACEF376A9C1AF53B285927CB44893860E170D193BC323