Every year around this time, issuers of 1099s start to get that ‘What will it be THIS year?’ feeling. The good news is that the changes the IRS has adopted for 2017 are rather minimal, but there are still a few. Here is a look at the new changes that will be added to the MIMICS Tax Reporting Module for the 2017 tax year:
· Form 1099-OID, Original Issue Discount — On the Payer record, a new field is being added for any Tax Exempt amount to be reported on the 1099-OID.
· In the combined Federal/State filing program, the IRS has removed the state of Virginia and added the state of Oklahoma to the program.
This system update will be available beginning on January 4th. Please contact our support representatives via the support portal to schedule your free update today! We will also be offering a webinar about the entire 1099 process, including these new changes. The webinar will be live with a system specialist so that you can ask questions as they come up. The 1099 webinar for this year will be held on Wednesday, January 10th at 9:00 PST. Please RSVP HERE. Happy new year!