Microsoft has released the year end updates for the 2018 tax year for Dynamics SL. They include changes for 1099 and W-2 reporting to help comply for 2018 tax year regulations.

These updates are only compatible with the following versions:

• 2015
• 2015 CU1
• 2015 Cu1
• 2018

If you are reporting non-employee compensation (NEC) in Box 7 of the 1099-MISC form you must provide payees with their copies AND file those forms with the IRS by January 31, 2019. It doesn’t matter if you file on paper or electronically. This update will allow you to print the 1099 Preview (03.730.00), 1099 Forms (03.740.00) and the Generate 1099 Electronic File (03.742.00) for only Box 7 or all boxes except Box 7.

All other 1099-MISC forms are due to their payees by January 31, 2019 (Feb 15, 2019 if you are reporting gross proceeds to any attorney). The paper forms are due to the IRS on February 28, 2019 or electronically by April 1, 2019

No changes to the layout of the W-2 form or to the layout of the W-3 form were required for the 2018 tax year. However, if you are using Payroll you should install the Tax Table updates before processing payroll for the first time in 2019.

Should you need any assistance installing the update, please feel free to contact us.