Financial - JDE1 (MOSC)

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IRC Section 3402(t)

edited Jan 13, 2011 9:47AM in Financial - JDE1 (MOSC) 3 commentsAnswered
 I am wondering if there are any plans by Oracle to produce updates/enhancements for IRC Section 3402(t).  This requires Fed/State/Local govt entities to a) issue 1099s for ALL payment methods, including p-cards and b) withhold 3% from each payment to all vendors, to be remitted to the Federal government.  This is effective in 2012.

I don't hold high hopes that there will be a 1099 solution within E1 for p-card payments, but I am optimistic that the 3% will be addressed by Oracle.  I thought about using Retainage to withhold the 3%, but that won't allow us to remit that 3% to the Federal government.  Essentially, this will be like the process for collecting and remitting federal income taxes in Payroll...Are there any other users out there who will be affected by this change? 

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