| # 1099-MISC reporting This functionality is specific for the United States. In the United States, the Internal Revenue Service (IRS) is the government agency responsible for enforcing the tax regulations. 1099-MISC income is one of the types of revenue included, and certain supplier payments are subject to reporting under these regulations. To set up 1099-MISC reporting To set up 1099-MISC reporting, use the following sessions: General Company Data (tccom0102s000) On the appropriate menu, click Payer's 1099... to start the Payer's 1099 Details (tccom7137s000) session. Payer's 1099 Details (tccom7137s000) Enter your company's payers details. Main Pay-to Business Partner for 1099 (tfcmg3106m000) List the business partners for which you must report payments that are subject to 1099-MISC taxation. If the pay-to business partner differs from the business partner who reports the 1099-MISC income, you can use this session to link the pay-to business partner to the business partner who reports the 1099-MISC income. Pay-to Business Partner (tccom4124s000) On the appropriate menu, click 1099 Details to start the Pay-to Business Partner 1099 Details (tccom4126s000) session. Pay-to Business Partner 1099 Details (tccom4126s000) Enter the business partner's 1099-MISC details. 1099 Box Numbers (tfcmg1115m000) Define the box numbers of the 1099-MISC declaration. The box numbers are assigned by the IRS to categorize the various types of 1099-MISC income. Reasons for Payment (tfcmg0130m000) Define reason codes for the payments that must be reported. For each reason code, select the Valid for 1099-MISC Filing Purposes check box. Reasons for 1099 Box Numbers (tfcmg1116m000) Link the reason codes to the box numbers. To perform 1099-MISC reporting To perform 1099-MISC reporting, use the following sessions: Compose Payments Manually (tfcmg1246m000) For payments that are subject to 1099-MISC taxation, in the Reason for Payment field, enter a reason code that is valid for 1099-MISC filing. File 1099-MISC (tfcmg3204m000) Use this session to generate output for filing 1099-MISC Income payment information to the IRS. |