Acumatica Cloud ERP – 1099 Update

Acumatica support has provided the attached customization files to address changes to the 1099 form and electronic filing format for tax year 2015.  These customization files are provided “as is” for Acumatica versions 4.2 and 5.x.

1099-MISC Form Changes

– FATCA filing requirement box – FATCA filing requirements are for certain foreign financial institutions (FFIs). An FFI with a chapter 4 requirement to report a U.S. account maintained by the FFI that is held by a specified U.S. person may satisfy this requirement by reporting on Form(s)1099 under the election described in Regulations section 1.1471-4(d)(5) (i)(A) or (B). Additionally, a U.S. payor may satisfy its chapter 4 requirement to report such a U.S. account by reporting on Form(s) 1099. See Regulations section 1.1471-4(d)(2)(iii)(A).

Filing 1099 Forms: You can file 1099 forms electronically or on paper. For more information, see “Filing Information Returns Electronically (FIRE)” on page 15.

1099 Electronic File Changes

– Payer “B” Record Changes:
Box FATCA filing Requirement – Added field position 548. 1 if checked, space if not checked.

Download 4.2 Customization | Download 5.x Customization

The customization files are provided “as is” and without warranty or guarantee. If you have questions or issues related to these customization files please contact Acumatica Support.

Please follow and like us: