Sharing new information released for 1099 filings and year-end updates for Microsoft Dynamics GP.
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- Get ready for filing the 1099-NEC to report non-employee compensation for 2020. Updates for this change will only be available for GP 2016 and GP Current Release. Please consult the IRS website for details on the changes in reporting and deadlines https://www.irs.gov/instructions/i1099msc .
- The Year End update will include an update to GP 18.3, which will release in October 2020. (In other words if you are on GP 2018 18.0 or GP 18.2, the Year End Update will update GP to 18.3.)
- There is a new 1099 form – 1099-NEC which will be included in the Year End Release in November/December. “To stay current, you must be on one of the 2020 releases.” So to receive the year end update you will need to be on the current version, which will be 18.3 that releases in October.
- Information on the change to 1099’s – https://www.irs.gov/instructions/i1099msc
- Dynamics GP 2015 and prior versions are no longer supported and will not receive a Year End Update this year.
- Dynamics GP 2016 support ends 07/31/2021 and will receive a Year End Update for this year, however will not receive a Year End Update next year.
- Microsoft has moved GP to the “Modern Lifecycle.” This applies to all clients on Dynamics GP 2018 (18.0) and Dynamics GP (18.2) https://docs.microsoft.com/en-us/dynamics-gp/terms/lifecycle.