1099 Pro CS v2021.12.10

Note: Your software must be on at least v2020.20.16 to apply this update.

New and improved:

• We updated all 2021 tax forms and instructions with IRS changes.
• We updated all business rules and custom queries for 2021 form fields.
• We added all 2021 sample import files and excel data shells..
• We updated all reports for 2021 tax form changes.
• We updated all help files for 2021.
• We added the 2021 Reprint Scheduler and templates v2021.12.15.
• For State Filing, the 1099-NEC is participating in Combined Federal/State Filing for tax year 2021. 
• Tax year 2022 preliminary forms are available for data entry, reports, and exports.
• We updated Federal Thresholds per IRS form changes.
• We updated State Thresholds per IRS form changes.
  
• In Pro Central, we updated the tax reporting deadlines and penalty amounts.

Form changes:

• 1099-DIV
  • New Box 2e (Section 897 ordinary dividends)
  • New Box 2f (Section 897 capital gain)
• 1099-MISC
  • The form title is now Miscellaneous Information
  • New Box 11 (Fish purchased for resale)
• 1099-NEC
  • New Box 2 Checkbox (Payer made direct sales totaling $5,000 or more of consumer products to recipient for resale)
  • Removed FATCA Checkbox
  • Form resized so now it can fit up to 3 per page
• 1099-PATR
  • Expiration of certain credits reported in Box 12
    • The Indian Employment Credit
    • Second Generation Biofuel Producer credits
    • The Production Credit for Indian Coal Facilities
• W-2G
  • 2020 Box 11 First I.D.  → 2021 Box 11 First identification
  • 2020 Box 12 Second I.D.  → 2021 Box 12 Second identification
• W-2
  • For tax year 2021, the Social Security Wage Base is now $142,800.
  • For tax year 2021, the Social Security tax withheld amount should not exceed $8,853.60 ($142,800 × 6.2%).
  • The tax year 2021 Social Security and Medicare coverage threshold for Household wages is now $2,300 ($100 increase from 2020).
  • Penalties have increased. The higher penalty amounts apply to returns required to be filed after December 31, 2021.
• 1042-S
  • Chapter 3 Exemption
    • 2020 Code: 02 Exempt under IRC (other than portfolio interest) → 2021 Code: 02 “Exempt under IRC”
  • New Chapter 3 Exemption Code: 24 Exempt under section 892
  • Review the following 2021 1042-S code changes and make any required changes to your data or imports:

Bug fixes:

• Previously, on the Reprint Scheduler, the 1042-S Foreign TIN was not being masked. We fixed this issue. (CS-3208)
• For Electronic Filing, the Puerto Rico Grouping by EIN filter was not working for tax year 2020. We fixed this issue. (CS-3308)
• We corrected the 1099-NEC State Abbrev and State ID box field names from Box 17 to Box 6.

Download v2021.12.10