2021 1099 Reporting News and Other Updates
Post date: December 7, 2021
As we head towards the upcoming holidays, Alton Risk Consulting wishes you and yours Happy Holidays, and would like to bring you up to date on what’s on the short-term horizon (there are several updates heading your way).
Compensate SI and SF 1099 Reporting
• Compensate SI
• Is just around the corner, and we are working towards making many of the options that were available in 2019 (but not in 2020) available again for your use.
• Now might be a good time for you to start reviewing & updating your provider information, vs spending time later dealing with “*** NOT ON FILE ***” messages, by using Menu -> Year End -> 1099 -> “Raw Data Audit” thru “Export 1099 Providers to Excel” reports.
• The deadline for Alton Risk Consulting to assist with electronic filing your information requires your information to be in your BOX folder by 24Jan2022 to allow us time to submit your files to IRS by 31Jan2022. Alton Risk Consulting will not be altering any files/data provided since the “1099 Electronic file” created will be in the required format for filing.
• The “Main Menu” -> “Year End” -> “1099” will offer these options to Compensate SI users (note that those that are grey are disabled):
• 1099 MISC Copy B and 1099 NEC Copy B as well as 1099 MISC Copy C and 1099 NEC Copy C printing is only available currently via the common “Main Menu” -> “Year End” -> “1099”.
• The limited “Main Menu” -> “Master” -> “1099” will offer these options (note that those that are grey are disabled, and this is where “Create 1099 Electronic file” becomes available):
• Compensate SF
o If you use Compensate SF to file 1099, we need someone to partner with us. Without a partner, Compensate SF cannot be used for filing your 2021 returns.
o Menu items will be similar to Compensate SI.
• Detailed 1099 instructions will be sent soon, but please prepare to receive a new executable and several files to be added to your file server for both Compensate SI and SF.
ACESFile
• This is the next item on the list to be completed. Thanks to those that have recently been providing me with explanations on urgency.
Fee Schedule Updates:
• Jan / Feb updates are pending the arrival of data
Bug fixes and feature improvements:
• Compensate SI
o 1099 processing will be included in the upcoming Compensate SI release
o CMS Response / PAID ACT – no Compensate SI change was required.
o CMS connection issue –New Compensate SI executable was released that has a reliance on a ChilKat update for those users that perform CMS transaction work.
o Reporting Parent / Sub claim import issue has been resolved in the next Compensate SI release by disabling the claim import for a Reporting Parent. All CMS claim imports need to be performed at the individual company level.
o Huntington positive pay format change integration into Compensate SI code base is pending customer approval.
• Compensate SF
o 1099 processing can be included in the upcoming Compensate SF release. Without a partner, Compensate SF cannot be used for filing your 2021 returns.
o PE Public update is available now, but not all customers have asked to have this update applied. This update takes effect on 1Jan2022.
o Individually Rated Public Employer Taxing District EM Adjustment Factor will be included in the next Compensate SF release
o All CMS transaction menu items have been disabled in the next Compensate SF release.
Other work
• Conversions, and other bug fixes, are still underway.
• SF DEMOCFILE and COVID identified Claims is in queue.
We encourage you to reach out with any questions or comments sooner vs later.
Happy Holidays!!