Dynamics GP year end tax update – important 1099 information

Microsoft has released their year-end updates for 2021, and as was the case last year, there is some significant tax update information you need to be aware of.

 2021 Year-End Changes – RELEASED.

• Payables 1099-NEC (3-part form), 1099-MISC, 1099-DIV form changes
• Payables 1096 form changes

You will need the Year End update to print 1099’s from GP!

Microsoft is not providing a a tax update for GP2016, GP2018 RTM, GP2018 R2. Customers on these versions will need to upgrade to version 18.4 to print 1099’s from Dynamics GP.

If you need to print 1099s and it is not possible to upgrade Dynamics GP in time, you could use GP to obtain the 1099 amounts for use with a third-party software. There are several 1099 filing software solutions available. If you choose to go that route, we strongly recommend you take action now. Some of these third-party software solutions get much more expensive the closer you get to the filing deadline.

In years past, Intellitec was able to modify the 1099 forms for older versions of GP.  However, Microsoft changed the technology to modify the form and as a result, Intellitec is limited in our options to modify the existing 1099 form for older GP versions. 

We are still working on a possible tax update solution to accommodate clients who cannot upgrade but at this time we cannot guarantee a solution. Presently, we recommend you review third party software options or contact us to see if we can complete your upgrade before the end of January.

While these changes are significant, taking action now will ensure that you have the time needed to make the necessary changes based on your version of Dynamics GP. And as always, please contact us with any questions on this or any other support related topics.

Not sure what’s right for you? Let us help find which solution will help you reach your goals.

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