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Note: Your software must be on at least v2022.08.21 to apply this update.
Release Notes
IMPORTANT
- The 1099 Pro Service Bureau will include the 1099-NEC as part of the Combined Federal State Filing Program (CF/SF). To complete 1099-NEC state filing for the 20+ states that require the 1099-NEC to be filed directly, select the "1099-NEC State Direct" service (details here).
Many states that implemented their own 1099-NEC filing mandates are still requiring state direct filing instead of allowing filers to use the IRS CF/SF Program. This is because most states have already built their reporting portals and direct reporting provides the data to states earlier in the year, which is a critical tool in combating tax fraud.
- 1099-K threshold - In late December 2022, the IRS released guidance that the implementation of the reduced $600 threshold for 1099-K reporting will be delayed until tax year 2023. As a result, the federal threshold for the 1099-K reporting for tax year 2022 will stay at $20,000 and 200 transactions.
New and improved:
- We enabled State Electronic Filing for all forms. (Enterprise Only)
- The Service Bureau is now enabled for State Direct filing uploads.
- In the Service Bureau, the replacement process option is now available. (22)
Overview
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