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.

Setting up 1099-MISC reporting

To set up 1099-MISC reporting, use the following sessions in sequence:

  1. General Company Data (tccom0102s000)
    On the appropriate menu, click Payer's 1099... to start the Payer's 1099 Details (tccom7137s000) session.
  2. Payer's 1099 Details (tccom7137s000)
    Enter your company's payers details.
  3. 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.
  4. Pay-to Business Partner (tccom4124s000)
    On the appropriate menu, click 1099 Details to start the Pay-to Business Partner 1099 Details (tccom4126s000) session.
  5. Pay-to Business Partner 1099 Details (tccom4126s000)
    Enter the business partner's 1099-MISC details.
  6. 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.
  7. Reasons for Payment (tfcmg0130m000)
    Define reason codes for the payments that must be reported. For each reason code, select the Valid for1099-MISCFiling Purposes check box.
  8. Reasons for 1099 Box Numbers (tfcmg1116m000)
    Link the reason codes to the box numbers.
Performing 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, specify 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.