Dynamics GP 10 and 1099s (Part 4)
Posted Thursday, October 29th, 2009
(Part 4) of series Dynamics GP 10 and 1099s.
IRS Regulations, 3rd party applications and Dynamics GP 10.
IRS Regulations
Excerpt taken from IRS Publication 1220 http://www.irs.gov/pub/irs-pdf/p1220.pdf
“The regulations under section 6011(e)(2)(A) of the Internal Revenue Code provide that any person, including a corporation, partnership, individual, estate and trust who is required to file 250 or more information returns must file such returns electronically. (The 250 or more requirements apply separately for each type of return and separately to each type of corrected return. Even through filers may submit up to 249 information returns on paper, IRS encourages filers transmit those information returns electronically).
250 or more of any of these forms requires electronic filing with IRS. These are stand-alone documents and are not to be aggregated for purposes of determining the 250 threshold. For example, if you must file 100 forms 1099-B and 300 Forms 1099-INT, Forms 1099-B need not be filed electronically since they do not meet threshold of 250. However, Forms 1099-INT must be filed electronically since they meet the threshold of 250.”
- When meeting the 250 threshold for filing requirements you can either purchase software to upload to the IRS Filing Information Returns Electronically (FIRE) site. http://fire.irs.gov Filing Forms 1098, 1099, 3921, 3922, 5498, 8935, and W-2G with IRS electronically through the IRS FIRE System or look to other service providers for assistance. More on service providers later in this article.
- Form 1096 still has to be filed on either the paper IRS Form 1096 or meet requirements of IRS substitute form listed in Publication 1220. To order official IRS forms, call 1-800-TAX-FORM (1-800-829-3676) or Order Information Returns and Employer Returns Online at http://www.irs.gov/businesses/page/0,,id=23108,00.html (NOTE: Do Not print Form 1096 from the IRS website. IRS forms are printed with magnetic ink used for scanning there is a $50 fine per instance for information sent to the IRS on forms that cannot be scanned).
- A word of caution, if you decide to go out on your own to find a e-filing provider check the IRS website for authorized IRS e-filer providers http://www.irs.gov/taxpros/providers/index.html as there maybe fraudulent websites/providers out there.
- Previous Magnetic Media filers As of December 1, 2008 Magnetic Media will no longer be accepted.
3rd party vendors
- IRS website has a list to help you find an authorized service provider. http://www.irs.gov/taxpros/providers/index.html .
- Product – Some of our Dynamics GP e-filing clients use Greenshades http://www.greenshades.com/ You can contact them directly or contact I.B.I.S. Inc., at (770) 368-4000. We have consultants experienced in working with the Greenshades products.
Dynamics GP 10 1099s
If you are under the 250 limit for 1099s and decide to “Do it yourself” Dynamics GP 10 offers a relatively simple process for printing your 1099s. Also, if you have historical vendor data then you can print 1099s at any time during the year for previous years. The Form 1096 you will have to manually fill out, however, the report from the “Print 1099″ window will give you the 1099 form count and total(s).
- Printing 1099s from Dynamics GP 10 Go to Microsoft Dynamics GP >> Tools >> Routines >> Purchasing >> Print 1099
–Fill in any blank fields with Company information.
–Also
- (1) You have the option to select “All” to print or Depending on your choice in the Vendors drop down the ability to select a “From” and “To” range. (Additional information regarding the “From” and “To” Range is also below).
- (2) Order will be the printing order
- (3) Select to print 1099 Form or an Alignment Form
- (4) Form type either Continuous or Single Feed
- (5) Printer Icon will print the Edit Report. It is best practice to print the Edit Report before printing the actual 1099s.
Additional NOTE on the “From” and “To” Range:
- Click the Radio button to the Left.
- Click the Lookup button.
–The Vendor’s window opens.
- (1) Click the dropdown Arrow
- (2) Select the sort Criteria
–To select the Ranges
- (1) Here you can see what criteria the Vendor’s are sorted by. This sort is by “Class ID”
- Scroll down the window to choose your range.
–When you are ready to print your actual 1099s click the “Print” button on the window. (NOTE: In the past, in addition to printing the alignment form, I have selected a range of one or two 1099 vendors to print on the form just as an additional test to make sure the information lines up on the form correctly).
To download a copy of this article follow link to http://www.box.net/shared/g5u5sd6yxo
Hope this article helps you make an informative decision regarding your 1099 process. If you just read this ariticle please also see this week’s post Part 1 -3 on Dynamics GP 10 and 1099s.
Tags: Dynamics GP 10 1099, Dynamics GP 1099, GP 1099, Great Plains 1099
Posted in AP, Dynamics GP, PO, Purchasing
Amy Walsh
Amy Walsh is a consultant with I.B.I.S., Inc. and Microsoft Certified Business Management Solutions Professional. She is a graduate of Mercer University with a concentration in Accounting and Finance. She brings over 15 years experience working with domestic and international enterprises ranging from start-up to established global B2B companies.
With her background in accounting / finance alongside working with Microsoft Dynamics GP as both an end user and consultant allows her articulate connectivity into the world of Microsoft Dynamics GP. Her goal is to help businesses succeed in their endeavors through process streamlining, education and finding the right ERP solution.
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I don’t see the part 2 of this series. Please advise. Thanks
http://www.dynamicscare.com/blog/index.php/dynamics-gp-10-and-1099s-part-2-tracking-the-w-9/
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