Hi all,
We already have new notes just released for 1099 reporting, where Print Forms Layouts in Smartforms and PDF format are available.
Two notes are available:
2227185 - US Legal Change 2015 - 1099 and 1042 Smartforms and Adobe Forms (600 and above)
2227186 - US Legal Change 2015 - 1099 and 1042 Smartforms and Adobe Forms (current releases).
Those notes are the main notes which will contain the relevant details to be adjusted in order to correct and update 1099 and 1042 report including Smartform and Adobe Forms.
The major changes include:
1. 1099INT - Box 13 "Bond Premium on tax-exempt bond", "FATCA filling requirement" checkbox introduced and year changed to 2015;
2. 1099MISC/MISC1- "FATCA filling requirement" checkbox introduced and year changed to 2015;
3. 1042S - Numbering of the boxes are changed and year changed to 2015;
4 1099G - year changed to 2015;
5. 1099K - Box 1b is renamed and year changed to 2015.
Also notes containing the newest changes for 1099 Files were released:
2250865 - US 2015 LC - 1099 File Changes
2250866 - US 2015 LC - 1099 File Changes ( for lower releases).
Please follow up on those notes for latest updates about 1099 and 1042 updates for the Tax Year 2015 to be submitted in 2016.
I hope it helps to address you your concern about this subject.
Danton Prestes.
