FORM-1099
US tax reporting Form-1099 reports on various types of income paid to US citizens and residents. IP1 allows you to produce the following 2 versions of Form-1099.
- Form 1099-NEC (non-employee compensation) is for business that paid a non-employee $600 or more in the tax year. A non-employee might be an independent contractor or a person hired on a contract basis.
- Form 1099-MISC is for miscellaneous income.
- Expand menu Other Modules > Other Regions > US Options > Income Tax and double- click BN IRS “FORM 1099” Tax Report. BNO320 Form 1099 Electronic Tax Report panel appears.
- Enter the following information as required for the report file.
| Fields | Description |
| Company | Company code for the company you wish to report on. |
| Report type | Select the Form-1099 report type; 1099-NEC (non-employee compensation) or 1099-MISC (all else). |
| Document path | This is the server path where the generated report would be saved to and its setup in XAM160 Document Exchange. |
| Document | Enter the document name for the generated Form-1099 tax report. |
- Click OK to generate the report. The generated excel/csv file would be saved to the server/document path displayed.
FORM-1042
Form-1042 is used to report income paid to foreign persons(non-US residents or foreign entities) that is subject to US withholding tax.
- Expand menu Other Modules > Other Regions > US Options > Income Tax and double- click BN IRS “FORM 1042” Tax Report. APR325 1042 Revenue Declaration Report panel appears.
- Enter the period range for the report and click OK. The system will create a printer file and a workfile.
