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R12: AP: Oracle Payables' Plans For 1099 Reporting in the Current Tax Year (Doc ID 209913.1)

Last updated on SEPTEMBER 07, 2022

Applies to:

Oracle Payables - Version 11.5.10.2 and later
Information in this document applies to any platform.

Details

Oracle Payable Plans For 1099 Reporting in the Current Tax Year

 

Please note there is no ETA for the 1009 patch for 2022 at this time. When the patch is available, this document will be updated with the details of the patch and any IRS changes.

1099 Reporting for Tax Year 2021

 

Introduction

This document discusses the changes in Form 1099-MISC and Form 1099-NEC introduced by the US Internal Revenue Services for the tax year 2021 and its impact on the users of Oracle Payables.

Summary of Changes for Tax Year 2021

 

Reporting fish purchased for resale in Form 1099-MISC

If you are in the business of purchasing fish for resale, you must report total cash payments of $600 or more paid during the year to any person who is engaged in the business of catching fish.

Solution

 

Resizing of Form 1099-NEC

Solution

Form 1099-NEC added to Combined Federal/State Filing Program

The Combined Federal/State Filing Program simplifies filing of returns since IRS sends the information to participating states electronically. Form 1099-NEC is now part of the Combined Federal/State Filing Program.

 

Solution

 

Changes to record structure for electronic filing

The following changes are made to the electronic file record layouts:

Solution

 

 

IRS Reference Information

For more details on the 1099 changes referenced here, please use the IRS website - "Forms, Instructions and Publications" searching tool(s).  You will find (among others) the following documents that list the changes mentioned in this document:

 

 

Actions

 Final Consolidated Patches For 1099 Project - 2021 has been released.

Release Patch
The 1099 Patches for Tax Year 2021 are:
11i
1. <Patch 33284870> REL 11I :: CONSOLIDATED PATCH FOR 1099 PROJECT – 2021
IMORTANT: This patch is now available in MOS.  The patch will be available ONLY to 11i clients who have purchased our "Tier 1 Support"
12.0.x
Note:  There is no 1099 patch for Release 12.0.x
12.1.x
1. <Patch 33758795:R12.AP.B> NEW FINAL CONSOLIDATED PATCH FOR 1099 PROJECT - 2021
IMPORTANT:  This is a brand NEW Consolidated Patch that includes the original consolidated Tax Year 2021 1099 patch 33128953:R12.AP.B, the required files from previous Tax Year 2020 1099 patch, and all the mandatory standalone patches released after; 33731305:R12.AP.B, 33713054:R12.AP.B, 33741031:R12.AP.B
NOTE: This patch is currently available for the following platform-language combinations:
Linux-x86 - US (American English)
AIX5L - US (American English)
HPUX-IA64 - US (American English)
Solaris-64 - US (American English)
HPUX-64 - US (American English)
Win32 - US (American English)  
If you require the patch on a different platform/language, please submit a new Service Request (SR) to the Oracle EBS Payables Support team.
2. <Patch 33762336:R12.AP.B> NEW CF : 1099 ELECTRONIC MEDIA BIP REPORT CHANGES 2021
IMPORTANT:  This Patch is Optional.  You only need this patch if you are planning to uptake the BI Publisher for Electronic Media.  Your regular Electronic Media report is available via the consolidated patch listed above.  Original patch 33372456 has been obsoleted and super seeded by this NEW one.
12.2.x
1. <Patch 33758795:R12.AP.C> NEW FINAL CONSOLIDATED PATCH FOR 1099 PROJECT - 2021
IMPORTANT:  This is a brand NEW Consolidated Patch that includes the original consolidated Tax Year 2021 1099 patch 33128953:R12.AP.C, the required files from previous Tax Year 2020 1099 patch, and all the mandatory standalone patches released after; 33731305:R12.AP.C, 33713054:R12.AP.C, 33741031:12.AP.C.
2. <Patch 33762336:R12.AP.C> NEW CF : 1099 ELECTRONIC MEDIA BIP REPORT CHANGES 2021
IMPORTANT:  This Patch is Optional.  You only need this patch if you are planning to uptake the BI Publisher for Electronic Media.  Your regular Electronic Media report is available via the consolidated patch listed above.   Original patch 33372456 has been obsoleted and super seeded by this NEW one.

 


 

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