2014 1099-MISC Processing Webinar 1 D E CE M B E R 3 , 2 0 14 - - PowerPoint PPT Presentation

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2014 1099-MISC Processing Webinar 1 D E CE M B E R 3 , 2 0 14 - - PowerPoint PPT Presentation

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2014 1099-MISC Processing Webinar 1 D E CE M B E R 3 , 2 0 14 P R E S E N TE R : D ON H E M W ALL Q&A: W I LL H OE H N 1099 Processing Release Overview 2 The 1099 software is updated annually. The release of the Tax Reporting

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D E CE M B E R 3 , 2 0 14 P R E S E N TE R : D ON H E M W ALL Q&A: W I LL H OE H N

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2014 1099-MISC Processing Webinar

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SLIDE 2

1099 Processing Release Overview

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 The 1099 software is updated annually.  The release of the Tax Reporting software for 2014

is designated as TX14.

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SLIDE 3

2013 Form 1099-MISC

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 2014 Form 1099-MISC reports payments for

services.

 Reports vendors that are flagged for 1099

reporting.

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How 1099 Processing Works

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 Extract 1099-MISC data from A/ P transactions

processed in calendar year 2014.

 Enter additional data for payments not transacted

via QSS A/ P software.

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QCC Finance Module A/ P Branch AAUPDT available year round

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1099 Maintenance

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1099 Processing Branch

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2014 1099 Task List

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1099 Task Flowchart

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SLIDE 10

A/ P Vendor Definition

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 Vendors can be external agents that sell goods and

/ or services.

 Vendors can be employees receiving

reimbursements.

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Reportable 1099 Payments

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 Payments to Independent Contractors

 Payments to Corporations for Medical/ Health Care

services

 Payments to Attorneys

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1099-MISC Vendor Address Printing

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 Regular Address (Default for printing)  Remit Address (Custom configuration)  Designated Additional Address (Custom

configuration)

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1099-MISC Vendor Flagging

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 Vendor Master File 1099 field must contain “Y”  Taxpayer ID Number (TIN) entry  Taxpayer ID Name (if different from regular

Vendor Name)

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Vendor Master File Maintenance

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Vendor Master File 1099-MISC fields

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1099 Reporting for Attorney Fees

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 Attorney fees post into Box 7. Use “7” or “Y’

preset value.

 Attorney Gross Proceed payments should be

reported in Box 14. Use “E” for Preset value.

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“1099” Program Option

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“1099” Program Option

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PO Payment Add

Automatic Flagging of 1099 Vendor Payments

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Update 1099 Payment Lines by Warrant Number

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Task 1-T Install 2014 1099 Release

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Task 2-T Create Additional Data File

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 Execute Y14TEN99PREP.  Set program access via TNFD14 USERSEC.

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Additional Data File Warning

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Access Additional Data Program

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Task 3-T Setting Up Control Files on HP3K

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 Create/ Copy Federal EIN Control File – contains Federal

Identification numbers for both W2 and 1099 processing CTW2TP14.W2109914.QSSUSER or <your_account>

 Create/ Copy Contact Phone Number Control File –

contains filing person’s contact telephone, name, address CT1099PH.W2109914.QSSUSER or <your_account>

 Create/ Copy Transmitter Information Control File –

contains transmitter information for 1099 media file. CT1099TI.W2109914.QSSUSER/ or <your_account>

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Transmitter Information Control File

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; This control file is used to define parameters required to be in

; on the 1099-MISC media file. This file is self documenting and

; should be edited to provide data values.

;

:

: This file can be used to allow for input of field values without

; having to answer questions when producing the 1099-MISC media fi

;

; Edit the field values below and replace the '*' values with the

; correct value for your organization. If the field should be spac

; replace the '*' with spaces. Any field left as '*' will be promp

; for a value when the transmittal file is created.

;

;

;Field Size Description

;-------- ----- --------------------------------------------------

;NAMCTL 04 Payer Name Control (From the mailing label)

;TCC 05 Transmitter Control Code (Assigned by IRS)

;CONNAME 40 Contact Name

; Name of person to be contacted if IRS/ MCC encounte

; problems with the file or transmission.

;CONEMAIL 50 Contact Email Address

; Email address of the person to contact regarding

; electronic or magnetic files.

;

; The fields are positional and MUST be setup in the correct colum

;

;Field Value

;------- ---------------------------------------------------------

NAMCTL ****

TCC *****

CONNAME ****************************************

CONEMAIL **************************************************

; end of ct1099ti

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Task 4-AP Print Preliminary Prelist TNSB14 USERSEC Parameters

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2014 1099 Processing Menu

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“Full” Prelist Settings

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“Default” Prelist Settings

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Prelist w/ Accounts

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Prelist w/ Descriptions

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Detail Line Field Meanings.

N > The name to be reported to the IRS. N2 > The second name field A > The Address to be reported in the single address field. C > The City, State and Zip Code to be reported. >Any line with a ‘>’ is printed

  • n the 1099 form, depending
  • n the form.

Note: these values are used in the file submitted electronically.

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Prelist Total Line

Will contain the vendors tax id number. 07 is the district number. 12 is the vendor number Bums is the control name 111111111 – 9 digit Tax ID number or SSN Total line may contain values of SY or SEY S indicates SSN in VEUPDT E indicates SSN in Personnel d/ b (PERPAY) Y indicates a 1099 vendor

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Task 5-AP Adjust Flags on Transacted Warrants

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1099-MISC Box Codes

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Task 6-AP Edit Vendor Information

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Address 99 Usage

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Task 7-AP Add/ Edit Additional Data

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Vendor Lookup from Additional Data

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Returning 1099-MISC Data from Vendor Lookup

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Vendor Returned from Vendor Master File

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Task-8T Extract AP Payments

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 Execute Y14TEN99EXT.  Extract all 1099 flagged A/ P payments for Calendar

Year 2014.

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Regular Vendor Address Default 1099-MISC Printing

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1099OP Program Option Optional Setting

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Task 9-T Merge A/ P and Additional Data File

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 Execute Y14TEN99MRG.  Merge of 1099-MISC A/ P Extract File and

Additional Data File into one Consolidated File.

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Task 10-T Filter Amounts Cutoff by TIN

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 Execute Y14TEN99FILTER.  Vendors with 1099-MISC reportable amounts less

than the cut-off amounts will be dropped from consolidated file.

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Task 11-T Print Final Prelist

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 Execute Y14TEN99RPT.  Respond “Y” to Filter Process Prompt  Errors? Then Accounts Payable staff will make more

  • corrections. Once AP gets a corrected prelist, your

Technical staff will then restart the 1099 processing at the extract step (Task 8-T Creating 1099-MISC Extract File from AP Transactions).

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A/ P Staff Reports No Prelist Errors! Thumbs Up! Print the 1099’s!

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Task 12-T Print and Distribute 1099 Forms

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 Execute Y14TEN99PRT.  Execute Y14TEN99LASER. (Laser Printing Only)

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Printing 1099-MISC Forms Laser Printing

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 Execute Y14TEN99PRT with NOPRINT and PIFSIZE

parameters

 Example: Y14TEN99PRT NOPRINT=1, PIFSIZE=100000  NOPRINT and PIFSIZE parameter create a Printer Interface

File (PIF). This is what you want.

 Y14TEN99LASER command uses the PIF file to print 1099

forms.

 Example: Y14TEN99LASER DEV=XXX, FORM=LMX

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Reprint Single 1099-MISC

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 Execute Y14TEN99GETDOCNO <DiVendor>. Di

value is two digit district number, Vendor value is the Vendor number.

 Execute Y14TEN99LASER INFO=“00018,00018” ,

where 00018 is the document number for the specified DIVENDOR value input when running Y14TEN99GETDOCNO command.

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Sample 1099-MISC Form

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Interval Between Distribution and File Submission to IRS

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Task 14-T Create Electronic Transmittal File

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Task 14-T Transfer Transmittal File to PC

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 Details to transmit IRSTAX file to IRS, refer to IRS

Publication 1220 at http:/ / www.irs.gov/ pub/ irs- pdf/ p1220.pdf

 Also refer to Filing Information Returns

Electronically (FIRE) at http:/ / www.irs.gov/ pub/ irs- pdf/ p3609.pdf.

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Task 15-T Save History Files

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 Execute Y14TEN99SAVE.  Consolidated and Additional Data Files saved in

HISTORY group.

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Just some “Extra Help”!

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Bonus Material TIN Lookup Tab

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Vendor Lookup by TIN Results Tab

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Duplicate Tax ID Report (TN0100)

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Duplicate Tax ID Report (TN0100)

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Duplicate Tax ID Report (TN0100)

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1099 Processing Security Setup (MTUS Manual)

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1099 Usersec Options

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Ready for Questions and Answers Please Enable Your Audio

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1099 Webinar - Give Feedback

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1099 Webinar - Give Feedback

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