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If you define more than one tax reporting entity for your organization, and each tax reporting entity submits 250 or more 1099 forms, the IRS requires you to submit the 1099 Tape for each of your tax reporting entities.
If you enable the Combined Filing Payables option, Payables produces K records for all tax regions (or states) participating in the Combined Filing Program that have qualifying payments. Payables also produces B records for suppliers with 1099 payment amounts which equal or exceed the tax region's reporting limit in qualifying states. Payables produces these records when you submit the 1099 Tape.
Refer to federal or state tax publications to obtain information regarding the 1099 reporting requirements for each participating tax region. For example, you may need to enter the reporting limits for each income tax region of the Income Tax Regions window.
If you submit a tape to the Internal Revenue Service which includes MISC9 (Golden Parachute) payments to 1099 suppliers, Payables provides a total for the payments in the B record for each payee. In addition, Payables prints an indicator (Last Filing Indicator) in the A record for the tape which notifies the Internal Revenue Service that you will not be filing for this supplier next year.
If there are any exceptions for your 1099 suppliers included in this 1099 Tape, Payables will not create the tape. The 1099 Tape will exit with an error status. You can see this status in the Requests window.
The Tax Reporting Entity must have a nine digit TIN or the program will fail. You assign a TIN to a tax entity in the Reporting Entities window. See: Reporting Entities.
Control Code. Enter your 5-digit Transmitter Control Code (TCC). You can file form 4419 to receive a control code from the Internal Revenue Service.
Tax Reporting Entity. The name of the tax reporting entity for which you want to submit the 1099 Tape.
Media Type.
Foreign Corporation. Enter Yes if your organization is a foreign tax reporting entity as recognized by the Internal Revenue Service.
Last Year Filing. Enter Yes if due to merger, bankruptcy, etc., this will be the last year that this tax reporting entity will be filing.
Payer Name Source. The source from which Payables obtains the payer name for 1099 payments displayed on this report.
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