With the end of the year inevitably comes the potential for changes to year-end tax forms for Dynamics GP. Microsoft has officially released a list of expected changes for this year.
There are several changes to the 2021 year-end forms related to Accounts Payable. Specifically, changes have been released for the following forms:
- Payables 1099 NEC (3-part form), 1099-MISC and 1099-DIV (major changes to this last form)
- Payables 1096
- Payroll 1099-R
- Plus, luxury auto depreciation changes in Fixed Assets
There are no changes to Payroll W2 and no changes to electronic filing for W2s. Keep in mind that last year’s changes for coronavirus-related sick pay are still applicable.
If you use any of the above forms in connection with your Dynamics GP system, you will need to apply the year-end update. As a reminder, tax updates are no longer available for Dynamics GP 2016 or earlier versions. If you use the Payroll module, you must upgrade to the latest version in order to gain access to the updated year-end tax forms for Dynamics GP. Contact Boyer & Associates for assistance applying this update.
Plus, sign up for our year-end event to get additional tips on best practices for closing out the year in Dynamics GP. Check out our calendar for all upcoming events.
On a related note, the first round of 2022 tax table updates is expected to release mid-December.