11-a-006 - Procedures for correcting 2010 1099 Reporting (December 27, 2010)
|INFORMATIONAL CIRCULAR NO. 11-A-006|
|DATE:||December 27, 2010|
|SUBJECT:||Procedures for correcting 2010 1099 Reporting|
Procedures for correcting IRS 1099 reporting for calendar year 2010
In STARS agencies submitted journal vouchers to correct or charge reportable transactions to the FEIN of the entity that is subject to IRS 1099 reporting for Imprest Funds, Petty Cash Funds, and other payments where the payee was not recorded appropriately or at all in the accounting system.
In SMART the agency can use the existing SMART Imprest Fund and Petty Cash bank functionality to record these entries. P-Card 1099 reporting for calendar year 2010 is performed centrally based on information received from UMB – no action is taken by the agency unless they are seeking to recognize 1099 reporting for items such as reportable awards.
If your agency has processed transactions where the proper 1099 reporting information was not recorded in SMART or STARS, please submit the information on the EXCEL form available at the link below. No reversal entries in SMART are necessary, unless the payment was marked reportable to the wrong entity or individual. For example, if 1099 reportable awards were purchased from an Imprest Fund (not using SMART imprest fund vouchers) there would only be one correction line per award.
SMART 1099 Correction Form
All non-numeric fields must be completed in CAPS. The TIN (taxpayer identification number), Vendor ID, and Zip Code must be completed as text with all leading zeros, no hyphens, no dashes, no commas, no special characters. The vendor MUST be set up in SMART. All fields must be completed. The 1099 types and classes are listed on the 1099 TAB.
The completed form must be sent securely, therefore send an e-mail to Randy.Kennedy@da.ks.gov by January 10, 2011, indicating you have a 1099 correction to submit. He will send you a secure message via Tumbleweed. Reply in Tumbleweed attaching the completed EXCEL file.
Attachment: SMART 1099 Correction Form xls