CAMS-ii Update version 5.5.2.1
Tonight, January 29, 2021, we will update your CAMS-ii server with CAMS-ii Update version 5.5.2.1. It will be available Saturday, January 30, 2021.
Click here to view and print a final draft of the CAMS-ii Release version 5.5.2.1 Update Notice.
Please submit any questions about this post or the attached Update Notice to CBS Support via the CTT.
IRS Form 1099-NEC
This year, the IRS released a new form for reporting Non-Employee Compensation, the 1099-NEC. Previously, this information was reported in Box 7 of the 1099-MISC form.
If your payees/vendors received non-employee compensation in 2020, and we are handling your electronic filing for 1099-MISC, then check 1099-NEC on page 2 of your CBS Service for IRS Electronic Filing Transmittal Sheet.
If you’ve already submitted your CBS Service for IRS Electronic Filing Transmittal Sheet, but you did not check 1099-NEC — but you have non-employee compensation to report — please email CBS Admin at cbsservices@camsbycbs.com. We will update the CBS Service for IRS Electronic Filing Transmittal Sheet for you.
If you have 1099-NECs, be sure to export the IRS Tax Data Files to CBS by no later than January 15th. Please see page 5 of the CBS Service for IRS Electronic Filing Transmittal Sheet for the exact steps.