Financial Management - PSFT (MOSC)

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1099-MISC - IRS rev in Jan 2022

in Financial Management - PSFT (MOSC) 2 commentsAnswered

We noticed that IRS sample 1099-MISC form looks different than what we printed from PeopleSoft after 2021 update was applied. There seems to have been a form revision made by IRS in Jan/22. Specifically, IRS sample form now shows FATCA filing requirement as box 13 and everything after that as box 14-18. Forms printed from PeopleSoft show FATCA filing requirement in the same spot but no box number assigned and everything after as box 13-17.

Does this pose any problems? We tried to reach IRS but no luck getting someone on the phone to speak to. Oracle support told us development is ware of it but since nothing was included in the pub 1220, they are not sure if this change is for 2021 or 2022.

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