DRAFT - 1099 Pro CS v2021.20.15

IMPORTANT:  You will need a 2022 Authorization Code starting with the letter 'F' BEFORE installing this update! 

NOTE: SOFTWARE MUST BE AT LEAST ON v2021.15.18 TO APPLY THIS UPDATE.

NEW:

• All 2022 tax forms and instructions have been updated with IRS changes.
• All business rules and custom queries have been updated for 2022 form fields.
• All reports have been updated for 2022 tax form changes.
• All help files have been updated for 2022.

TAX YEAR 2022 FORM CHANGES:

• Form 1099-DIV:
  • Box 11 (FATCA checkbox)
  • Multi-Year form
• Form 1098-F: 
  • Box 2 - Amount to be paid for violation or potential violation.
  • 2021 Box 2 - Restitution/remediation amount →  2022 Box 3 Restitution/remediation amount. 
  • 2021 Box 3 - Compliance amount → 2022 Box 4 - Compliance amount.
  • 2021 Box 4 - Date of order/agreement → 2022 Box 5 - Date of order/agreement.
  • 2021 Box 5 - Jurisdiction → 2022 Box 6 Date of order/agreement. 
  • 2021 Box 6 - Case number → 2022 Box 7 - Case number.
  • 2021 Box 7 - Name or description of matter/suite/agreement → 2022 Box 8 - Case name or names of parties to suit, order, or agreement. 
  • 2021 Box 8 - Code → 2022 Box 9 - Code
  • Box 9 Codes
    • 2021 B - Multiple payers/defendants → 2022 B - Multiple payers.
    • 2021 D - Property or services required to be acquired, constructed, or transferred under the court order or agreement. → 2022 D - Provision of services or provision of property required.
    • Codes F, G, H, I are removed. 
  • Multi-Year form
• Form 1099-MISC:
  • Box 13 (FATCA checkbox)
  • 2021 Box 13 - Excess golden parachute payments → 2022 Box 14 - Excess golden parachute payments.
  • 2021 Box 14 - Nonqualified deferred compensation → 2022 Box 15 - Nonqualified deferred compensation. 
  • Multi-Year form
• Form W-2:
  • The Social Security Wage Base is $147,000 for Tax Year 2022
  • Social Security tax withheld amount should not exceed $9,114.
  • The Tax Year 2022 Social Security and Medicare coverage threshold for Household wages is now $2,400 ($100 increase from 2021).
  • Penalties increased - The higher penalty amounts apply to returns required to be filed after August 1st, 2022.
• Form 1042-S:

• • New Income Codes:
    • Income Code: 56 - Dividend equivalents under IRC section 871(m) as a result of applying the combined transaction rules.
    • Income Code: 57 - Amount realized under IRC section 1446(f). 
  • New Chapter 3 Exemption Code:
    • Code 38 - Publicly Traded Partnership.
  • New Line Of Business (LOB) Code:
    • Code 12 - No LOB article in treaty.

UPDATED: 

• General
  • Pro Central - Updated tax reporting deadlines and penalty amounts.
  • Latest Help file.

FIXED:

• Printing 
  • Reprint Scheduler - 1042-S Foreign TIN was not being masked. (CS-3208)
• Electronic Filing 
  • Puerto Rico Grouping by EIN filter was not working for Tax Year 2020. (CS-3308)
• General 
  • Query - 1099-NEC State Abbrev and State ID box field names corrected to Box 6 from Box 17.

Download v2021.20.15