As the end of the year approaches, we have consolidated information needed for the end-of-year processes in this single article.
1099 Reporting
For the up-to-date information, known issues and how-to articles regarding 1099 reporting for Tax Year 2023, please see below:
- Known issue: For the Tax Year 2023, in Acumatica ERP, District of Columbia and Pennsylvania US states are not added to the CF/SF Program for the 1099-MISC Electronic Filing
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Known issue: The report printed on the 1099-NEC (AP653100) form did not fit the Letter paper size
- How to correct a 1099 box in a released or paid AP bill
- How to report 1099 Tax Box 4 (Federal Tax Withheld)
- Troubleshooting: The Amount to Report value is zero on 1099 Year Details (AP654500) report
Check out the following help article with tips and insights about closure procedures: End-of-Year Actions
Payroll checklist
If your customers use Payroll module, please make sure to review the Payroll FAQs: Year End Process check list article
Here is a closer look at steps user can take now to prepare for the end of the year: How to ensure smooth end-of-year process in payroll and End-of-year processes in Canadian payroll: Best practices
Check out the following article about known issues in Canadian payroll T4 reporting: Known issue: Multiple T4 Reporting issues
- If an employee has earned over $160,200 in 2023, please verify their Box 3 – Wages subject to Social Security to ensure the amount is correct. The Social Security wage limit for 2023 is $160,200 and the maximum tax should be $9,932.40 (160,200 * .062). This is only an issue that can happen when the employee meets or exceeds the wage limit. The tax will be correct. This needs to be corrected by manually updating Aatrix file when creating the W-2s prior to submission.
- Aatrix does not create local W-2 for states such as Ohio. However, the client can go to the state website and manually add the information or upload a .csv file. For example see W-2 /1099 Information Page | Department of Taxation (ohio.gov).
