IRS Tax Form 1099-B, Proceeds From Broker and Barter Exchange Definition
The Form 1099-B, Proceeds From Broker and Barter Exchange Transactions skill extracts key data from Form 1099-B documents for the tax years 2021, 2022 and 2023. A Form 1099-B is an IRS (Internal Revenue Service of USA) form filed by a broker or barter exchange to report gains or losses during a tax year. Forms 1099-B usually provide information about securities or property involved in a transaction handled by a broker. Individual taxpayers receive the form from their brokers or barter exchange already filled out and transfer the information to Form 8949 to calculate their preliminary gains and losses.
The Form 1099-B Skill has been trained on a smaller set of documents. The most important data fields are defined and labeled. Customers can use this preview skill as a starting point to label additional required fields, for further training the skill based on incoming documents, or to adjust business rules to their own requirements.
Benefits
- Vantage document skills are extraction models, based on ABBYY's purpose-built AI, designed and trained to extract key data from business documents.
- Preview Document Skills provide a quick-start basis for conducting proof of concept and automating document-centric processes, without wasting time to train a new skill from the ground up. In most preview skills the main data fields have been labeled and the skill has been trained on a small document set to provide a starting point for further training on customer side. Preview skills generally come at no additional cost, but consume page volume from the base Vantage Core Skills volume.
- Includes validation and data normalization rules. Further business rules can be added as required.
- Can be augmented by human-in-the-loop review and verification based on accuracy thresholds, missing or incorrect information.
- Requires further training in order to ensure sufficient accuracy levels on customer-specific documents. Training can be done up-front or during runtime as documents arrive and go through manual verification.