2015 Year End Updates
Microsoft Dynamics SL has released the 2015 Year End Updates which include changes for 1099 and W-2 reporting in order to comply with the 2015 tax year regulations. The update may be downloaded from Microsoft Customer Source.
Microsoft Dynamics SL Supported Versions
These updates support the Microsoft Dynamics SL versions in the listing that follows. Refer to the folder in the downloaded file that represents the version you currently have installed to locate compatible updates. You do not need to install the 2014 year end updates before installing the 2014 updates.
- 2011 Feature Pack 1
- 2011 Service Pack 2
- 2011 Service Pack 3
- 2015
- 2015 Cumulative Update 1
1099 and W-2 Changes
1099-MISC Form Changes
– FATCA filing requirement box – FATCA filing requirements are for certain foreign financial institutions (FFIs). An FFI with a chapter 4 requirement to report a U.S. account maintained by the FFI that is held by a specified U.S. person may satisfy this requirement by reporting on Form(s)1099 under the election described in Regulations section 1.1471-4(d)(5) (i)(A) or (B). Additionally, a U.S. payor may satisfy its chapter 4 requirement to report such a U.S. account by reporting on Form(s) 1099. See Regulations section 1.1471-4(d)(2)(iii)(A).
– FATCA filing requirement check box added on the 1099 Info tab in Vendor Maintenance (03.270.00) to indicate that a vendor is subject to FATCA filing requirement.
Filing 1099 Forms: You can file 1099 forms electronically or on paper. For more information, see “Filing Information Returns Electronically (FIRE)” on page 15.
1099 Electronic File Changes
– Payer “B” Record Changes:
o Box FATCA filing Requirement – Added field position 548. 1 if checked, space if not checked.
Payroll W-2 Changes
There are no changes on the W-2 form or the W-3 form.
Filing W-2 Forms: You can file W-2 forms electronically or on paper.
W-2 Electronic File Changes
– RA Submitter Record Changes:
o Location Address in positions 274 – 295 is no longer a required entry field
