There are a couple of year-end updates that have taken place with the Dynamics SL system. There may changes have been to the 1099-MISC, 1099-NEC or 1096. Check out below to see if your system was affected:

1. If you plan to use printed forms for the 2023 tax year, there were no changes to the 1099-MISC, 1099-NEC, or 1096.
2. If you plan to file electronically, through the traditional system through the IRS, there have been no changes made for the 2023 tax year, as long as the updates for the 2022 tax year were made in Dynamics SL.
3. If you wish to use the new tax filing system, you will need to make some upgrades to this system. Contact your Dynamics SL provider for more information on this.
4. The IRS has changed the e-filing threshold. The IRS now requires anyone with 10 or more information returns to file electronically, effective on or after January 1, 2024. You are required to provide the payee statements by January 31st and file with the IRS by February 28th. For more information on this update, please visit: https://www.irs.gov/instructions/i1099mec.

Please contact Polaris Business Solutions if you have any questions about these updates!