New Features and Enhancements in Tax Reporting Summer 2024

The following new features have been introduced in the Summer 2024 release of Tax Reporting.

If you are upgrading from a previous version, see Upgrading to Tax Reporting Summer 2024. This provides a summary of the items that have been added for each feature and details of any required upgrade steps.

Lightning Experience for 1099-MISC and Support for 1099-NEC

The FF 1099-MISC Export and 1099 Details packages have been deprecated. The existing 1099-MISC functionality has been enabled in Tax Reporting. This enables you to have all your tax-related data and processes centralized in Tax Reporting. We have also enabled a new functionality that allows you to retrieve data from payments made to 1099-NEC reportable vendor accounts. As part of this work, we have introduced the following enhancements.

You can now retrieve data from payments made to 1099-MISC and 1099-NEC reportable vendor accounts. You can also export the data to a comma-separated values (CSV) file. This data enables you to complete your Forms 1099-MISC and 1099-NEC for your US companies. To enable you to retrieve and export the data, we have added the Tax Reporting Task Launcher.

For more information, see:

We have added the Account Legal Name field to the Account Extension object. This enables you to define the legal name of your accounts.

For more information, see Account Extension Fields.

To view details of the transactions and transaction line items eligible to be reported in the Forms 1099-MISC or 1099-NEC, we have added three reports. We have also deleted the 1099-MISC Payments report from the Accounting Reporting Expansion Pack, which has been replaced by the new 1099-MISC Payments report.

For more information, see:

We have renamed the existing picklist values on the Income Tax Type field in Accounting for the Form 1099-MISC to enable you to distinguish them from the newly added values for the Form 1099-NEC on the following Accounting objects: Account, Payable Invoice, Payable Credit Note, and Transaction Line Item.

We have also updated the 1099 Income Tax Type Picklist Update Feature Console feature in Accounting to automatically update the Income Tax Type picklist values on the objects mentioned above. In addition, we have added a manual step that you must perform to replace the picklist values so that they are updated for existing records.

VAT Return Reports - Generate Report Permission Set

We have removed the VAT Return Reports - Generate Report permission set. You can use the permission set Tax Reporting - Generate Reports for Group of Companies instead.

FinancialForce Documents Folder

We have removed the FinancialForce Document folder as you can manage your documents from the Certinia Documents folder.

Fixes

Fixes are listed on the Known Issues page of the Certinia Community. You can access this page from the Community Support Hub. For a brief description of the issues that have been fixed in this version of Tax Reporting, see the relevant section of the Known Issues page.