Form 1099 is a form promulgated by the Internal Revenue Service and is used in the United States Income Tax System to prepare and file information return to report various type of income other than wages, salaries and tips (for which form W2 is used instead).
Each payer must complete a 1099 for each covered transaction. Three copies are made one for he payer , one for the payee and one for the IRS.
US Tax law requires business to submit a Form 1099 for every contractor paid at least $600 for service during a year. This requirement usually does not apply to corporations receiving payments.
Many business and organizations must file thousands of 1099s per year. Thus payers who file 250 or more Form 1099 reports must file all of them electronically or magnetically with the IRS. The 250 or more requirement applies separately for each type of return and separately for each type of corrected return. Even though filers may submit 249 information returns on paer, the IRS encourages files to transmit returns electronically.
If the less than 250 or more requirement is met, and paper copies are filed, the IRS also requires the payer to submit a copy of form 1096. The 1096 is a summary of information forms being sent to the IRS. You need one 1096 for each type of information form you have issued.
Payees use the information provided on the 1099 forms to help them complete their own tax returns. In order to save paper, payers can give payees one single Combined Form 1099 that lists all of their 1099 transactions for the entire year. Taxpayers are usually not required to attach Form 1099s to their own Federal income tax returns unless the Form 1099 includes a report for Federal income tax withheld by the payer from the related payments.
several versions of Form 1099 are used, depending on the nature of the income transaction:
1099-A: acquisition or Abandonment of Secured Property
1099-B: Proceeds from Broker and Barter Exchange Transactions
1099-C: Cancellation of Debt
1099-CAP: Changes in Corporate Control and Capital Structure
1099-DIV: Dividends and Distributions
1099-G: Government Payments
1099-H: Health Insurance Advance Payments
1099-INT: Interest Income
1099-LTC: Long Term Care Benefits
1099-MISC: Miscellaneous Income
1099-OID: Original Issue Discount
1099-PATR: Taxable Distributions Received From Cooperatives
1099-Q: Payment from Qualified Education Programs
1099-R: Distributions from Pensions, Annuities, Retirement Plans, IRAs, or Insurance Contracts
1099-S: Proceeds from Real Estate Transactions
1099-SA: Distributions From an HSA, Archer MSA, or Medicare Advantage MSA
1042-S: Foreign Person’s U.S. Source Income
SSA-1099: Social Security Benefit Statement
SSA-1042S: Social Security Benefit Statement to Nonresident Aliens
RRB-1099: Payments by the Railroad Retirement Board
RRB-1099R: Pension and Annuity Income by the Railroad Retirement Board
RRB-1042S: Payments by the Railroad Retirement Board to Nonresident Aliens
W-2G: Certain Gambling Winnings
Q ) What is Oracle Advanced Collections ?

Ans) Oracle Advanced collections is the module which deals primarily with collection of your accounts receivable from the customers. Companies sell to customers on credit and these invoices become due as per the invoice terms. Typically you may specify Net45, which means 100% of the invoice amount is due in forty five days from the date of invoice.

However for some reasons the invoice is not paid on time. Some of the reasons could be invoice not sent to the customer, Invoice wrongly billed, Customer does not have funds or become bandrupt, customer does not agree with invoice amount/terms , invoice sent to the wrong address.

Most companies have billers and collectors managing the AR department. Billers are the first level contracts and they contact the customer to collect these outstanding amounts. The contact method may be mail, email, fax or phone call depends on their company terms.

Oracle AR initially had dunning letters functionality to remind the customers of their dues. The dunning level could be adjusted from a gentle reminder to collections advisory.

When the billers are not able to collect the amounts, the cases get transferred to collectors or at a later date to third party agencies for specialized in collection.

However the functionality was limited in scope which did not meet the modern day requirements. Once has built lot of functionality around Advanced Collections to automate the collection process. Advanced collections was a work bench in Receivables which now become a full fledged module with lot of features and automation.

What are the compones of Advanced Collections?
The key components of advanced collections are Collectors/Territories, Scoring Engine, Universal work queue/collectors work queue, Interaction History, Notes Set up,Dunning/Strategies, fulfillment/xml communication.

Scoring calculates a score value for an object in the database. You can score following types of objects seeded in collections, or you can create new scoring objects.

Party, Account, or Bill To : The operational data level at which you do business with your customers.

Transaciton: A transaction created in Oracle Receivables, or originating in Oracle.

Loans or Oracle lease management. When determining delinquency status of transaction, Oracle collections creates a delinquency in a collection table. When a transaction is no longer delinquent, the status becomes current.

Case: A group of leasing contracts for a customer sharing the same bill to address, a private label and other contract parameters. Case only applies if you use Oracle lease management.

Concurrent Programs

The scoring engine harness concurrent program runs from one to five scoring engines. In addition, you can add a concurrent program to scoring engine, and when the scoring engine is run by the score engine harness concurrent program, the related concurrent programs also runs. For example you can add the strategy management concurrent program to assigns collections strategies based on the score results.

Scoring Components

The scoring component uses a select statement or a function to return a score value. For
Example, you can ask for the total number of delinquencies for a customer or how long a
Customer has been doing business with your company. Every scoring engine must have
at least one scoring component.
The values calculated by a scoring component are then assigned scores. Score range
numbers can be positive or negative numbers to two decimal places, and must account
for numbers from -99,999,999 to 99,999,999.. In Oracle Collections a higher score is
generally considered good and a lower score is considered bad.

You may have several Scoring components on which to score. For example some of the
components could be: Customer for ….Years, No of Delinquencies, Amt Outstanding,
Amt Overdue.
You will assign different weights to different components. You use Filters to limit the
scope of a scoring engine. Like you want to score transactions from a state, zip code.
You can use scoring engine to score transactions which will determine the status of
transactions delinquent, pre delinquent, Current, Overdue.
You could use another scoring engine to score customers / Account /Bill To.
A scoring engine harness might include both these scoring engines.

Preconfigured Scoring Engines

Preconfigured Scoring Components


The following tables describe the preconfigured scoring components for use with scoring engines.

Aging bucket line for account

Description : Identifies the oldest aged transaction for the account.

Object : Account

Type Value : Selects nvl(max(abl.bucket_sequence_num),0) from ar_Aging_buckets ab,ar_Aging_bucket_lines abl, IEX_App_preferences_vl iex, ar_payment_schedules arp, IEX_Delinquencies del where abl.aging_bucket_id =ab.aging_bucket_id and ab.bucket_name=iex.preference_value and iex.preference_name=’DUNNING PLAN AGING BUCKET’ and DEL.Payment_schedule_id=arp.payment_schedule_id and (sysdate-arp.due_Date)between abl.days_start and abl.days_to and del.cust_account_id=:account_id

Function : N

Previous Name : Account Aging Bucket Line.