GOLDPoint Systems sends you the PDF-fillable year-end forms to complete sometime in early to mid October. You must finish entering your options and signing the PDF to send it back to GOLDPoint Systems by October 30. Even if you are not using GOLDPoint Systems to report your Accounts Payable 1099-MISC and 1099-NEC information, you must still fill in the form and mark the applicable box that states you will not be filing through GOLDPoint Systems.

The following links will take you to an example of those forms:

•Client Year-end Tax Reporting Setup Forms - Loans and Accounts Payable

•Client Year-end Tax Reporting Setup Forms - Deposits

GOLDPoint Systems will generate a test report from the A/P system on November 21, 2020. This test is called TEST A/P 1099-MISC AND 1099-NEC Added to IRS GOLD for Year YYYY INST=#### CL=####. Shortly thereafter you will be notified by email when the test report for each A/P client is available in GOLDView Plus. GOLDView Plus can be found in CIM GOLD under Report Warehouse, as shown below:

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This report shows the accounts that will be included in the 1099-MISC and 1099-NEC report to the IRS; the amount of the A/P payments, and other important information.

Please keep the test verification report for your own records.

The official data pull from the A/P system to create 1099-MISC and 1099-NEC forms in IRS GOLD and generate the A/P 1099-MISC AND 1099-NEC Added to IRS GOLD for Year 2020 INST=#### CL=#### report will occur on January 8, 2021 (the A/P 1099-MISC information will only be pulled from A/P and has no relationship with other systems). Your institution will be notified when this report is available in GOLDView Plus.

Each re-run requested after the initial pull on January 8, 2021, will require a work order and will cost $500.00. All A/P 1099-MISC and 1099-NEC forms previously placed in IRS GOLD will need to be deleted by your institution prior to re-run. This is required because a subsequent pull will create new A/P 1099-MISC and 1099-NEC forms in IRS GOLD, without deleting previously created forms. The last date for processing a re-run is January 14, 2021. Any corrections needed after this date must be manually entered in IRS GOLD by the institution.

For information on how you can delete many IRS forms at once, see the Mass Delete help in the IRS GOLD manual.

Also see the Correcting Forms through IRS GOLD topic in the IRS GOLD User's Guide.

This is the final date for updating any 1099-MISC and 1099-NEC forms manually in IRS GOLD to be included in the January 20th electronic file creation. Any updates will need to be completed by 5:00 p.m. Mountain Standard Time.

On the morning of Monday, January 20, 2021, GOLDPoint Systems will create the first official electronic files from IRS GOLD to be transmitted to the IRS. Additionally, GOLDPoint Systems will generate the IRS Transmittal of Information Returns cover sheets. These cover sheets can be found in GOLDView Plus by searching for the Report Title of *IRS* with the Report Date of January 20, 2021.

Please verify, sign, and return the IRS Transmittal of Information Returns cover sheet to GOLDPoint Systems by January 22, 2021. Please copy your Account Management Team. GOLDPoint Systems will then transmit the electronic files from IRS GOLD to the IRS prior to or on January 31, 2020 deadline.

Your institution is responsible for providing a printed copy of the 1099-MISC and 1099-NEC tax information to A/P vendors by January 31, 2021.  To print these forms for your vendors, do the following:

1.Go to CIM GOLD > GOLD Services > IRS GOLD > Forms screen.

2.Select the IRS Year: 2020; IRS Form: "1099-MISC" or "1099-NEC"; then click <Search>.

3.Select the forms you would like to print from the list view table.

a.The grid view contains a sortable column called TYPE that will contain A/P, indicating an Accounts Payable 1099-MISC or 1099-NEC form.

4.Click <Print Selection>. This will print the selected forms.

GOLDPoint Systems transmits first electronic data file for 1099-MISC and 1099-NEC forms to the IRS.

If your institution needs to run a second IRS batch because of creating new 1099-MISC or 1099-NEC forms in IRS GOLD or making corrections to previously submitted 1099-MISC/1099-NEC forms, then you will need to email your GOLDPoint System account manager. On March 5, 2020, GOLDPoint Systems will generate a second electronic file that will include any remaining, unfiled, or corrected 1099-MISC/1099-NEC forms in IRS GOLD. As with the initial electronic file creation on January 18th, GPS will place the "IRS Transmittal" form and the detail "IRS Report" in GOLDView Plus for verification and review.

Sign and return the second IRS Transmittal form by March 19, 2021. This step may not be needed if your first run was successful and you have no corrections or new IRS forms that need submitted after the first run on January 31.

After GOLDPoint Systems receives your signed IRS Transmittal cover sheet, we will process the second transmission to the IRS for all new or corrected 1099-MISC or 1099-NEC information created after the January 31 deadline.

You must set the Run 1099-MISC field to "Yes." This field is found by navigating to the Financial Options system (Application 18), the Accounts Payable Options screen (function 3/4), and then Option 1 tab. See below:

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Multiple A/P Clients With Same Federal Identification Number

If your institution has multiple A/P clients that share the same Federal Identification Number, you can set this field to "Mult" for client number 0, and any matching vendors for different clients will be combined in one 1099-MISC or 1099-NEC form. For example, if client 0 created invoices for ABC Janitorial, and client 1 also created invoices for ABC Janitorial, if the Run 1099-MISC field is set to "Mult," at year-end the system will combine the totals for the two vendors from different clients and create one 1099-MISC or 1099-NEC for that vendor.

Ensure that your Payer Contact Information is up to date in the Accounts Payable options. This information is printed on the 1099-MISC or 1099-NEC form in IRS GOLD, as shown below:

To update your payer contact information:

1.Access the Financial Options system (Application 18) in GOLDVision.

2.Go to the Accounts Payable Options screen (function 4), then click <F10> or click <Payer Info>. The A/P Payer Contact Information screen will be displayed, as shown below.

3. Update any information on that screen, then click <Enter>.

If your institution has more than one client set up, this information should be entered for client 0 (and Run 1099-MISC should be set to "Mult.") All other clients do not need to be set up with this information (but Run 1099-MISC should be set to "Yes" for all other clients other than 0). 

Multiple A/P Clients With Different Federal Identification Numbers

Some institutions have more than one Federal Identification Number set up for different A/P clients. In these cases, client 0 will use the address entered on the A/P Payer Contact Information screen, but the other clients using a different EIN (also known as Federal Identification Number) will pull address information from a special IMAC table set up by GOLDPoint Systems. The system will pull the address for the applicable Federal Identification Number and display it on the 1099-MISC form.

	GOLDPoint Systems Only:   A programmer can set up the alternate EIN using the FPALTEIN table found in CIM GOLD under GOLDPoint Systems > IMAC Tables.

You need to select which 1099 categories your institution uses in reporting 1099-MISC and 1099-NEC information. If you have more than one Accounts Payable client number, you will need to do this for each of your A/P clients. The 1099 categories are established on the Clients/Categories screen in the Financial Options system (Application 18), function 4, then <MM Clients/1099 Categories>), as shown below:

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Enter "Y" next to each of the categories your institution uses. These categories are shown in boxes on the 1099-MISC form, as shown below:

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Once those are set up, then users can enter a default category number in the Def 1099 Cat field on the Vendor Master Screen 2 (function 18, then enter a vendor number, then press <F1>) in Accounts Payable. See Part 2 below for more information on the significance of that field.

Vendors that should be considered for 1099-MISC or 1099-NEC IRS reporting must have the Keep 1099 field set to "Y," as well as a category entered in the Def 1099 Cat field on the Vendor Master 2 screen (function 18, then <F1>) in Accounts Payable, as shown below:

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The Def 1099 Cat field corresponds with the box on the 1099-MISC IRS form. The number you enter in this field will cause the system to put the total amount in the indicated box on the IRS form, as shown below:

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This is the default entry for that vendor. When creating an invoice, you can enter a different 1099 category, if the invoice pertains to a different category than the default, as shown below:

Invoice Processing Screen (function 30) in Accounts Payable System

See this section in the Accounts Payable manual for more information: section 2.5.2, Additional Vendor Master Screen

You should also review the vendor's 1099 address information to make sure it is correct and up-to-date. IRS GOLD uses the address information entered on the 1099-MISC Payee Contact Information screen (function 18, then <F1>, then <F10>) in GOLDVision as the address to use on the 1099-MISC form, as shown below:

1099-MISC Payee Information Screen (Accounts Payable, then function 18, then <F1>, then <F10>)

See this section in the Accounts Payable manual for more information: section 2.5.5, 1099-MISC Payee Info Screen