Financial Management - PSFT (MOSC)

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Is anyone having issues with 1099M copy B reporting boxes 9 and 10 incorrectly?

in Financial Management - PSFT (MOSC) 4 comments

We have applied the 2020 patch and did a cursory test. We produced the copy B's for both 1099M and 1099N. We have a problem with the reporting class 10 - Gross Attorney Proceeds on 1099M.

We doubled-checked the phase 1 set up for the New 1099M and 1099N per Oracles instructions. (We could find no mention of Withholding Code setup/update)

We changed all of our Class 14's (Gross Attorney Proceeds) to the new 1099M Class 10 (Gross Attorney Proceeds) .

It appears that the Withhold Post/Report is converting the 10s to 9.

In the PS_WTHD_1099_TBL, LINE_NO shows a value of 9 but the descripion is Gross Attorney Proceeds. When the 1099M copyB is created, the amounts are reported in box 9 (Crop Insurance Proceeds) but should be box 10.

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