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.

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:

•  For forms sent via email, we added missing verbiage for recipients with blank TINs. (JARVIS-880)

File Hash: 7042EE3C11E4B8952F03C9F0B958376D680A8C4104641FBABC62C2FD55D56447