Micro Force -Velosio Newsletter Nov 2020 - New 1099 Non-Employee Compensation Reporting Requirement
Updated: Dec 16, 2020
With the holiday season underway, we continue to look forward to helping both you and your fellow Great Plains users get the most from your Microsoft Dynamics GP business software system.
We have recently identified a number of individuals at our customers who were not receiving our monthly newsletters for Dynamics GP users. So if you are one of these individuals who are now receiving our Microsoft Dynamics GP newsletter for the first time – WELCOME! The intention of these mailings is to provide an opportunity for our Dynamics GP customers to learn more about their Microsoft Dynamics GP business software system, which is still considered one of the most comprehensive and feature-rich ERP systems on the market today.
We have now published all of our 2020 monthly newsletters to one central location on our website. You can view older versions of these newsletters by going to Resource Library > Newsletters on our website: www.micro-force.com.
As we are in the midst of the holiday season, we would like to participate and provide some “gifts” to our beloved Dynamics GP customers. These “gifts” will consist of weekly Tips and Tricks regarding your Dynamics GP system during the month of December, in an effort help you learn some new information about your Dynamics GP business system that can hopefully permit you to do your work quicker, better, faster in 2021! Please keep an eye out for our weekly “gifts” that we will email to you throughout the month.
Read on below for information on upcoming webinar opportunities, and helpful Dynamics GP features to aid in your everyday tasks!
New 1099 Non-Employee Compensation Reporting Requirement for 2021
The IRS has announced that there will be a change to your 1099 reporting come January 2021. The new 1099-NEC (NEC stands for Non-Employee Compensation) is based on an old form. This will require an update to your Microsoft Dynamics GP business software system to address this 1099 form printing change.
Dynamics GP released their updates (GP year-end update) last week, which will address this new 1099 form regulation for Dynamics GP versions 2016 and 2018. We were able to test it and verify that it addresses the form change, which transfers data from 1099-MISC box 7 to this new form.
We did find that this is more like an upgrade than an update, so the time needed to complete this task would total 4 hours of services. This will require some upfront work to minimize user downtime, since as with all upgrades, GP users must be out of the system when this service is performed. Also, as with any upgrade, the software updates each existing GP database. So this fixed fee of 4 hours of service will apply for up to 5 existing GP databases. If you have more than 5 GP companies/databases, you will need to budget extra time to address this.
We will begin to schedule this service starting next week.
If you are using any release of Dynamics GP version 2016 or 2018, and you are current on your Microsoft annual maintenance plan for your Dynamics GP system, your system can be updated to accommodate this new 1099 forms printing requirement. So please reach out to our support team (firstname.lastname@example.org) to get your company on our calendar to have this installed before the third week of January, since the forms must be printed and mailed out by the end of January.
Please note that if you do not use Dynamics GP to print your 1099 forms, this is not an issue. Or if you are using an older version of Dynamics GP (such as GP 2010 or 2013 or 2015), Microsoft is not releasing a software update for your system since these versions of Dynamics GP are versions no longer supported by Microsoft. You will not be able to print these new 1099 forms from your current Dynamics GP system if you are using GP 2010, 2013 or 2015. If you are in this situation, please reach out to your account executive or to me personally (email@example.com) to discuss your options.
If you are not sure what version of Dynamics GP you use today, it appears on the screen when you first load GP. Or GP users can click on the '?' icon on the top right of your homepage and select 'About Microsoft Dynamics GP', the last option in that menu, to view your version of GP.
Budgeting Webinar for Your GP System Since you may either have already completed or be in the process of completing your 2021 budget, we know that this effort is fresh on your minds. Last month, we presented a webinar named Budgeting 102 on one of the enhanced budgeting solutions that can be added to your Microsoft. Dynamics GP system.
There were a number of customers who signed up but were unable to attend, and they have voiced since then that they wished they could have attended. So Hal on our team has been kind enough to agree to re-present (now that’s keeping in the holiday spirit!)
Tuesday, December 8th, starting at noon and ending by 1 PM, I will accompany Hal on his presentation of one of a myriad of enhanced budgeting systems. Since the enhanced budgeting solutions are from vendors who also offer dashboard/data warehousing systems in the cloud, dashboard reporting options will also be included in this presentation.
To sign up for this free webinar, please click here to register.
Office News We are still receiving some customer correspondences to an old address. As we had announced this past June, please note that our main office that is located on Long Island has moved to 68 South Service Road, Suite 100, Melville, NY 11747. Please update your records accordingly and note that our phone numbers have not changed.
For more info about your GP system and business software in general, visit our blog site at https://www.micro-force.com/blog
Thank you once again for choosing Micro Force, we truly value our partnership together and the opportunity to serve your business solution needs! Sincerely, Jim McCann Jim McCann Partner, Senior Sales Analyst and Software Consultant Micro Force, A Velosio Affiliate Phone: (631) 421-1030 x 302 / (212) 777-7029 x 302 Email: firstname.lastname@example.org