NEW:

• All 2023 tax forms and instructions have been updated with IRS changes.
• All business rules and custom queries have been updated for 2023 form fields.
• All reports have been updated for 2023 tax form changes.
• All help files have been updated for 2023.

TAX YEAR 2023 FORM CHANGES:

• Form 1099-K:
  • While there have been no updates to the 1099-K form itself for tax year 2023, the change lowering the reporting threshold from $20,000 to $600 in payments, with no transaction limit.  This change was signaled last tax year but was deferred.  The new lowered reporting threshold will be in effect for tax year 2023.   
• Form 1099-PATR:
  • Updated to Continuous Use and instructions updated to remove references to specific years. Box 12 was updated to include sustainable aviation fuel mixture credit.
• Form W-2:
  • The Social Security Wage Base is $160,200 for Tax Year 2023
  • 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).
  • The W-2 is one of the forms subject to the electronic filing threshold change that has been implemented beginning with tax year 2023.  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.  See this article for all of the details on this change.
• Form 1042-S:
  • New codes:
    • Income Code 58 was added.
    • Chapter 3 Status Code 39 was added.
  • Removed codes:
    • Chapter 3 Status Codes 03, 04, 09 were removed.

UPDATED: 

• Optimized Service Burea upload reset process (JARVIS-229)

FIXED:

• New business rule added or forms with state withholding (JARVIS-761-771)
• 2nd Tin check and Box 2 on 1099 NEC audit trail issue for Transactional Import/ Import Reset (JARVIS-855)