Sage has recently updated a knowledgebase article with important information about changes in 1099 processing for 2024. Here are some things to take note of:
1099 Names Parsed
Sage 100 Versions 2024.1, 2023.4 have had the 1099 name parsed into the First, Middle, Last names in the Vendor Maintenance, Additional Tab of Accounts Payable for the Individual Type Vendors. This will flow through to the 1099s in Aatrix as populated.
However, Sage 100 Versions 2024.0, 2023.3, 2022.6 and prior still only have one 1099 field for the 1099 Name. The 1099s that need the information will need to be edited in the Aatrix preparer grid before printing/e-filing.
Additional Notes:
- For Business type 1099s, the TIN is used. If Vendor Name is not associated with the TIN, they need to enter the 1099 name for the TIN.
- For Individual type 1099s, the SS# is used. If Vendor Name is not associated with the SS#, they need to enter the First, Middle and Last name for the SS#.
- The above information should be on W-9 provided by each vendor.
Workaround Tip: For Customers needing the AP changes above but unable to apply Sage 100 Product Updates, Sage recommends a separate installation of Sage 100 (current version). Then make a copy of your live data to use in current installation only for running the Tax Year 2024 forms.
IRD (Interim Release Download) 2024
As of the publishing of this newsletter, the Sage 100 Year End IRD for tax year 2024 is still pending.
Be sure to bookmark this year end processing link for full details and check back often as updates will be continuously posted.
ASI is here to help. Contact us or schedule your free consultation to discover how Sage 100 can be tailored to your business needs.