Important Notice: The IRS has made changes to electronic reporting requirements that may require you to file your 1099s electronically. When requesting your transmitter control code, please note that MRI Software PMX is only compatible with the FIRE filing system. Please refer to the IRS website at https://www.irs.gov/ for further guidance.
MRI Software versions X.5.10.2 and above have been updated to comply with 1099-NEC and 1099-MISC form changes for tax year 2022 and beyond. Please reach out to your account executive if you are on a version earlier than X.5.10.2 and would like assistance with generating 1099s.
In preparation for these updates, please ensure the following steps have been taken:
- Setup Checklist
- Vendor Setup
- Ensure the 1099 vendor checkbox is selected for all vendors that should receive a 1099.
- Double check the payee type is correct or that they’re attorney fee vendors
- Account Setup
- Be sure that Expense Accounts are marked as 1099 accounts
- 1099 Setup
- Complete Payer Setup
- If setting up payers by Entity/Entity Groups ensure that all entities associated with a payer have been defined.
- Confirm total number of 1099 forms per payer ID and determine if you are required to file electronically
- Complete E-Payer Setup
- Complete 1099 Transmitter Setup
- Complete Payer Setup
- Vendor Setup
The exclude VCC option now only excludes payment method of “VCC” in SCHK. These are manual payments in MRI that have been marked as VCC in MRI.
The exclude VCC option no longer excludes the payment method of “VENDPAYVCC” in SCHK or SubCheck. These are 3rd Party Payment options where MRI is unable to determine the FINAL payment methods based on the data the 3rd Party sends back. MRI will continue to work with the 3rd Parties to enhance the integration for MRI to be able to identify virtual credit card payments in the future.