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This article applies to:

  • Product: ONESOURCE Trust Tax

Processing and Reviewing Processing Results

Complete the tasks in the following topics before processing information returns each year:
  • Review account information
  • Review recipient information
  • Review transactions and sales details
  • Complete a pre-processing review - This allows you to review the recipient, payer and copy-to information as well as the IRS form details for each information return generated for a recipient.
Also use the
REVIEW
 menu to review information reporting and processing information.

Processing Worksheets, Projections and Information Returns

You can request to process worksheets, projections and information returns from a register or the account binder. Processing from a register allows you to select one, some or all of the accounts in the register to process.
note
For accounts with a 1099 service level of
Premium (1099 with full detail)
 or
1099 with reported detail only
, the print files created from processing requests may have blank pages in the white paper detail. Pages are always numbered appropriately to show that there are no missing pages.
The following table includes describes the types of processing requests you can submit for information returns:
Document Type
Description
Worksheet
A document that contains all of the account information, recipient information, cash transactions, capital sales and common fund information for an account. It also lists any errors (such as a missing or incorrectly formatted recipient SSN or EIN) that may prevent the information or details from being reported to the IRS. An information return worksheet includes a summary page, which lists each recipient and the recipient's 1099 data.
You can process worksheets at any time during the year by selecting
Worksheet
,
Tax Return Projection and Worksheet
 or
Tax Return and Worksheet
 from the
Request
 drop-down list on the Process page or pop-up window. After processing completes:
  • A worksheet print file for each account included in the processing request is created and stored on the account binder's Documents page. To access the worksheet print file, open the tax year category then open the
    Document: Worksheet
     category.
  • The grand totals for the accounts included in the processing request are updated in the registers of the
    Projections (Prior to Processing)
     folder. Each register includes the account and displays the grand totals for IRS form line for the applicable information return.
Projection
A document where an approximation of the account's tax data is calculated before the end of the tax year. When a projection for an information return is processed, the calculated tax data is included on the IRS form from the prior year. The calculated data from a projection is not included in the 1099 data files that are prepared and transmitted to the IRS.
You can process projections at any time during the year by selecting
Tax Return Projection
 or
Tax Return Projection and Worksheet
 from the
Request
 drop-down list on the Process page or pop-up window. When requesting a projection, you can indicate whether you want to include tax data from the beginning of the year to the date of your request (referred to as a year-to-date request), or for a specific date range within the tax year.
note
For accounts with a fiscal tax year, request only a year-to-date projection. This will ensure that the information on the form represents a projection of what will be filed with the IRS.
After processing completes, you can view the results from the account binder or from a register. In the account binder, a tax return projection print file for each account included in the processing request is created and stored on the Documents page. To access a tax return projection print file, open the tax year category then open the
Document: Tax Return Projection
 category.
Tax Return
Information returns are generated when a
Tax Return
 or
Tax Return and Worksheet
 processing request is submitted. When a tax return processing request is submitted, ONESOURCE Trust Tax uses the tax data as it currently exists in your ONESOURCE Trust Tax database and reports that data on the applicable IRS information return forms.
note
Correct all errors before submitting a
Tax Return
 processing request. For most errors, ONESOURCE Trust Tax does not stop processing when errors exist on an IRS form.
Processing an account based on a fiscal tax year generates' the IRS Forms and Instructions based on the calendar tax year. Any account with a fiscal tax year that generates an information return should be processed in January with all of the other calendar-year accounts that generate an information return. This ensures that the transactions for a full calendar year are included.
Processing from a Register
To submit a worksheet, projection or tax return processing request from a register:
  1. From the Register Listing page, select Run for the register that includes the accounts you want to process.
  2. Select the check box in the first column for each account you want to process. If you want to select all of the accounts in the register, do not select any check boxes.
  3. Select the
    Process
     subtopic.
  4. To process worksheets:
    1. Select
      Worksheet
       or
      Tax Return Projection and Worksheet
       from the
      Request
       drop-down list under the
      Process
       collapsible section.
    2. Under the
      Worksheet Options
       collapsible section, select
      Full Worksheet (YTD)
       to include data from the beginning of the tax year to today's date or select
      Partial Worksheet
       to include the data for the date range you enter in the beginning and ending fields.
  6. To process projections:
    1. Select
      Tax Return Projection
       or
      Tax Return Projection and Worksheet
       from the
      Request
       drop-down list.
    2. Select
      1099/FMV
      ,
      5498/5498-ESA
      ,
      1098
       or
      1099 MISC/NEC
       from the
      Document Option
       drop-down list. If you select
      1099 MISC/NEC
       and an account requires both Form 1099-MISC and 1099-NEC then you must preserve the first document (by freezing it) before processing the second type. If the first document is not frozen, the print file generated from the second processing request will overlay the first document.
    3. Under the
      Projection Options
       collapsible section, select
      Year to Date
       to include data from the beginning of the tax year to today's date, or select
      Partial Year
       to include the data for the date range you enter in the
      beginning
       and
      ending
       fields.
  8. To process tax returns:
    1. Select
      Tax Return
       from the
      Request
       drop-down list.
    2. Select
      1099/FMV
      ,
      5498/5498-ESA
      ,
      1098
       or
      1099 MISC/NEC
       from the
      Document Option
       drop-down list.
    3. For a 1041 account that also generates a 1099-MISC,
      1099 MISC/NEC
       must be selected to generate the 1099-MISC. This generates only the Form 1099-MISC, not the 1041 forms.
    4. For an account that has an entity type of
      Agency
      , an agency letter without the accompanying information return is generated if
      Federal and state
       is selected. If you select
      1099 MISC/NEC
       and an account requires both Form 1099-MISC and 1099-NEC then you must preserve the first document (by filing or freezing it) before processing the second type. If the first document is not frozen, the print file generated from the second processing request will overlay the first document.
  10. Select
    Process
    . You can now review the processing status.
Processing from the Account Binder
To submit a worksheet, projection or tax return processing request from the account binder:
  1. Open the account you want to process.
  2. Select
    Process
     from the
    Account Action
     drop-down list.
  3. To process a worksheet:
    1. Select
      Worksheet
       or
      Tax Return Projection and Worksheet
       from the
      Request
       drop-down list under the
      Process
       collapsible section.
    2. Under the
      Worksheet Options
       collapsible section, select
      Full Worksheet (YTD)
       to include data from the beginning of the tax year to today's date or select
      Partial Worksheet
       to include the data for the date range you enter in the in the
      beginning
       and
      ending
       fields.
  5. To process a projection:
    1. Select
      Tax Return Projection
       or
      Tax Return Projection and Worksheet
       from the
      Request
       drop-down list.
    2. Select
      1099/FMV
      ,
      5498/5498-ESA
      ,
      1098
       or
      1099 MISC/NEC
       from the
      Document Option
       drop-down list.
    3. ONESOURCE Trust Tax defaults to
      1099/FMV
       if the
      1099 DIV, INT, OID, or B
       check box is selected under the
      1099 Information
       collapsible section on the Account Information page. If you select
      1099 MISC/NEC
       and an account requires both Form 1099-MISC and 1099-NEC then you must preserve the first document (by freezing it) before processing the second type. If the first document is not frozen, the print file generated from the second processing request will overlay the first document.
    4. Under the
      Projection Options
       collapsible section, select
      Year to Date
       to include data from the beginning of the tax year to today's date, or select
      Partial Year
       to include the data for the date range you enter in the
      beginning
       and
      ending
       fields.
  7. To process a tax return:
    1. Select
      Tax Return
       from the
      Request
       drop-down list.
    2. Select
      1099/FMV
      ,
      5498/5498-ESA
      ,
      1098
       or
      1099 MISC/NEC
       from the
      Document Option
       drop-down list.
    3. ONESOURCE Trust Tax defaults to
      1099/FMV
       if the
      1099 DIV, INT, OID, or B
       check box is selected under the
      1099 Information
       collapsible section on the Account Information page.
    4. For a 1041 account that also generates a 1099-MISC,
      1099 MISC/NEC
       must be selected from the
      Document Option
       drop-down list to generate the 1099-MISC. This generates only the Form 1099-MISC, not the 1041 forms. If you select
      1099 MISC/NEC
       and an account requires both Form 1099-MISC and 1099-NEC then you must preserve the first document (by filing or freezing it) before processing the second type. If the first document is not frozen, the print file generated from the second processing request will overlay the first document.
  9. Select
    Process
    . You can now review the processing status.

Reviewing the Processing Status

After the batch is submitted, you can use the Request Status and History page to review the processing status. To access the Request Status and History page, select
HOME
 then
Admin
. The batch is listed under
Current Requests
 collapsible section until the batch completes. After the batch completes, the
# Errors
 column in the
Request History
 collapsible section identifies the number of accounts that were not submitted for processing. If the number in the
# Errors
 column is not zero, the
Request Errors
 collapsible section will show the accounts that were not submitted for processing.
After your accounts are submitted for processing, review the processing status. The
Currently Processing
 register allows you to review the processing status for multiple accounts. The Event History page allows you to review the processing status for one account. Regardless of whether you use the
Currently Processing
 register or the Event History page, there are three possible processing statuses:
  • Pending
    -Indicates that processing has not started.
  • Processing
    -Indicates that processing started.
  • Needs attention
    -Indicates that processing stopped because of an error.
Using the Currently Processing Register
To use the
Currently Processing
 register to review the processing status for multiple accounts:
  1. From the Register Listing page, select Run for the
    Currently Processing
     register.
  2. In the
    Status
     column, review the processing status for each account listed in the register. If the status for an account is
    Needs attention
    , processing stopped. You can review the error that caused processing to stop in the
    Reason processing stopped
     column.
  3. To successfully process an account that has a
    Needs attention
     processing status, you will need to correct the error then reprocess the account. You can reprocess accounts that generate information returns as many times as you like throughout the year. However, after the request to prepare 1099 data is submitted, you must begin the corrections process. You can select
    Refresh the Register
     from the
    Register Action
     drop-down list to see whether the processing status changed since you opened the
    Currently Processing
     register.
  4. Select
    Close
     when you finish reviewing the processing status.
Using the Event History Page
To use the Event History page to review the processing status for an account:
  1. Open the account you want to view the processing status of.
  2. Select
    Event History
     from the
    Account Action
     drop-down list.
  3. Under the
    Current Events
     collapsible section on the Event History pop-up window, review the processing status for the account in the
    Processing Status
     column. If the status is
    Needs attention
    , processing stopped. You can review the error number that caused processing to stop in the
    Status Error
     column and the error message in the
    User Error
     column.
  4. To successfully process an account that has a
    Needs attention
     processing status, you will need to correct the error then reprocess the account. You can reprocess accounts that generate information returns as many times as you like throughout the year. However, after the request to prepare 1099 data is submitted, you must begin the corrections process.
  5. Select
    Close
     to close the Event History pop-up window.

Reviewing Processing Results

After processing completes, you can review the results by running the registers in the base categories listed below. You can also use the
REVIEW
 menu to review information reporting and processing information.
  • Projections (Prior to Processing)
    -These registers are updated when worksheets are processed.
  • Inconsistent Data
    -These registers show the transactions or distributions that are not assigned to a recipient.
  • 1099 Filing Review
    ,
    5498 Filing Review
     and
    1098 Filing Review
    -These registers are updated when projections or tax returns are processed.
You can make changes and reprocess accounts as many times as you like throughout the year. However, after the request to prepare 1099 data is submitted, you must begin the corrections process.
note
If you make changes to an account after a tax return or worksheet is processed, reprocess the account to update the
Projections (Prior to Processing)
,
1099 Filing Review
 and
5498 Filing Review
 register data. You do not need to reprocess accounts to update the
Inconsistent Data
 register data.
Reviewing Worksheet Results
The
Projections (Prior to Processing)
 registers display grand totals for each line or box of the corresponding information return. The grand totals are available only after worksheets are processed. When changing account data, the grand totals are updated only if the worksheet is reprocessed.
The
Projection Totals
 registers for each type of information return can be used to ensure that the amounts from your trust accounting system match the amounts that would be reported to the IRS.
The projections registers are view only. To change the details displayed in a projections register, update the source data first then reprocess the worksheets for the accounts where the source data was updated.
Reviewing Projection or Tax Return Results
The
1099 Filing Review
,
5498 Filing Review
 and
1098 Filing Review
 registers show grand totals and calculated details for each line or box of the corresponding information return as well as payer and recipient information. These registers show the data as if, at the moment you opened one of the registers, you were ready to file your 1099 data with the IRS. The data is computed the first time you process projections or tax returns. Thereafter, the data is recomputed and updated any time projections or tax returns are processed.
Reviewing Payer Information
In March and again in May of each year, ONESOURCE Trust Tax automatically files the first 30-day extension of time to file for you based on the information in the
Payer Listing
 register. Before the extension is filed for you, you should review the respective
Payer Listing
 register to ensure the information is correct. If you make changes, select
Save
.
note
The payer is the account for disbursements reported on Form 1099-MISC. This means that the 1099Misc-SP payer information is not controlled by the payer information reporting controls. For 1099Misc-SP payers to be included in the extension file, you must process the 1099-MISC (by submitting a tax return processing request) before ONESOURCE Trust Tax generates and files the extension.
Reviewing Recipient Errors
Accounts with errors are displayed at the top of the registers. Accounts with missing or incorrectly formatted recipient EINs or TINs display first, followed by accounts with incomplete addresses. If there is an error that prevents the recipient information from being filed with the IRS, the message displays in the
Recipient Diagnostic
 column. The following list includes the errors that prevent the recipient and the corresponding data from being filed with the IRS:
  • Recipient SSN/EIN is not numeric or is blank
  • Recipient SSN/EIN format is not ###-##-#### or ##-#######
  • Recipient name is missing
  • Recipient does not have a complete address (address, city and state)
  • Recipient has a foreign address and City, State, Zip code
  • Recipient zip code format is not ##### or #####-####
  • APO/FPO State code/Zip Code mismatch:
    • State code = AE and zip code is not 090xx-0989x
    • State code = AA and zip code is not 340xx
    • State code = AP and zip code is not 962xx-966xx
    • APO/FPO zip code and City is not 'APO' or 'FPO'
You can correct recipient errors from the registers or from the account binder. Regardless of whether you use a register or the account binder, select
Save
.
If you use the
Master Recipient Listing
 register to make changes, the data in the account binder is not automatically changed. If you change paid to or paid for information, the data in the
1099 Filing Review
,
5498 Filing Review
 and
1098 Filing Review
 registers is updated only if the tax return for the accounts you changed is reprocessed.
Reviewing Calculated Details
The
Detail by Recipient
 and
Totals
 registers in each folder include the calculated details for each line or box of the corresponding information return. For example, the
1099-DIV Detail by Recipient
 and
1099-DIV Totals
 registers display the calculated details for each line or box on Form 1099-DIV for each recipient or account that generates a Form 1099-DIV. If necessary, you can exclude calculated details from a 1099 data file.
The
Detail by Recipient
 and
Totals
 registers include a
Diagnostic
 column, which displays any calculated detail errors that prevent the data from being included in the 1099 data file. You cannot correct calculated detail errors from the registers. To correct a calculated detail error, correct the source data, select
Save
 then reprocess the projection or tax return for accounts you corrected.

Excluding Calculated Details from an Unfiled Original 1099 Data File

Each
Detail by Recipient
 register in the
1099 Filing Review
,
5498 Filing Review
 and
1098 Filing Review
 base categories allows you to exclude calculated detail records from an unfiled original 1099 data file. To exclude a calculated detail record from an unfiled original 1099 data file:
  1. Select Run for the
    Detail by Recipient
     register that contains the calculated detail record you want to exclude.
  2. Use the horizontal scroll bar at the bottom of the register to scroll to the
    Excl
     column.
  3. Select
    Yes
     from the
    Excl
     column for the row you want to exclude.
  4. Select
    Save
    . To exclude a recipient from an unfiled original 1099 data file, all of the calculated details for the recipient must be excluded.