2021 1099's Mandatory Updates.

Owned by Loan Thai
Last updated: Dec 30, 2021 by Tony Ornelas-A
1 min read

 

https://www.irs.gov/pub/irs-pdf/p1220.pdf

https://www.irs.gov/pub/irs-pdf/f1099div.pdf

 

Following items are included in the Mandatory updates for 2021 1099s new requirements:

 

1. New Aeros ERP 1099 Standalone application

2. 2021 1099's DIV new requirements

 

 

 

1. New 1099 Standalone Application

    In an effort to make any future 1099s requirements updates more efficiently and quickly without any interruption to Aeros ERP software, we have created the new Aeros ERP 1099 Standalone application.

    A new icon will be available on the application server to access 1099's functions only.

 

 

                     

 

 

Enter your credentials as usual and click on Login

 

         

 

 

1099 Form

 

         

 

 

1099 Electronic File

 

         

           

      

1099 Reports

 

         

 

 

 

2. 2021 1099's DIV New Requirements

    Vendor 1099 Box – DIV- Added 2 new Boxes.

  • Box 2e - Section 897 Ordinary Dividends

  • Box 2f - Section 897 Capital Gains 

 

  Vendor 1099 Forms and Electronic file format have been changed accordingly to the new requirements.

 

 

               

             

 

           

 

3. Deployments, Testing Period and Updates

  • The 1099 Standalone application was developed this year to prevent a forced update of the ERP application to generate tax documents.

  • The standalone can be installed and background scripts deployed for ERP without disrupting the main system.

  • If documents or submissions fail user acceptance tests, or the Federal Test Submission the standalone application can be updated on our end and quickly redeployed.

  • The updates in the 1099 Standalone application will be available in ERP at a later date, we are trying this standalone strategy this year to be more responsive to change requests to the tax submissions, without triggering full regression tests of ERP.