As we close the tax books on 2018, there are very minimal changes to 1099 reporting. The most significant changes apply to one type of dividend. The changes include:
1. 199A dividends. These are defined as “a deduction for qualified business income from a qualified trade or business operated directly or through a pass-through entity.” HERE is a full description from the IRS.
2. For combined federal/state filing, code 50 (Vermont) has been removed.
Publicaction 1220, from the IRS, is a comprehensive reference for filings. It can be found HERE.
The MIMICS 1099 software update and training video are now available. Please contact us via the portal for assistance.