Microsoft has released the 2015 Year End Updates for Dynamics SL. They include changes for 1099 and W-2 reporting to comply with 2015 tax year regulations. These updates are only compatible with the following versions:

• 2011 Feature Pack 1
• 2011 Service Pack 2
• 2011 Service Pack 3
• 2015
• 2015 Cumulative Update 1

There aren’t any changes to the W-2 or W-3 form and you can still file the forms electronically or on paper. There was change to the W-2 Electronic RA Submitter record.

The only changes to the 1099-MISC form relates to the FATCA filing requirements. FATCA is the Foreign Account Tax Compliance Act that requires all United States persons to report their non-US financial accounts. A FFI with a Chapter 4 requirement (if you have to look that up, like I did, then you probably aren’t an FFI with a Chapter 4 requirement) is required to report an account held by a U.S. person using the 1099 form.

Also, there is now a checkbox on the 1099 tab in Vendor Maintenance to indicate that a vendor is subject to the FATCA requirement.

Overall, the change probably won’t impact most sites running Dynamics SL, but the 1099 Form has changed and we believe it is always a good idea to install the year end updates even if you think they don’t impact you.

For any questions regarding which version of SL you are on, the changes included in these updates, or how to install your Dynamics SL 2015 year-end updates, please email Polaris Business Solutions Support at support@polaris-business.com or call 315-565-7110.