Now is the Time to Control Your 1099 Reporting with Microsoft Dynamics GP

by Mark Polino, Director of Client Services, Fastpath
published August 20, 2010

This is your 1099 wake up call. Why are we looking at 1099's in August? It's because now the choice is being made for you. As part of the recently passed healthcare bill in the United States, essentially all vendors paid more than $600 in a year will need to be sent a 1099 form at year end, starting in 2012.

What do 1099's have to do with healthcare? Congress believes that greater documentation of payments will lead to increased tax revenues to help pay for universal healthcare. That assertion is still in question. What is not in question is that more 1099's will create more work for accounting departments.

...

Requires FREE Membership to View

Login
Become a Member Joining MSDynamicsWorld.com gives you free, unlimited access to news, analysis, white papers, case studies, product brochures, and more, and it’s all FREE. You’ll also receive periodic email newsletters with the latest relevant articles and content updates.
About Mark Polino

Mark Polino is a Certified Public Accountant (CPA) and a Microsoft MVP for Business Solutions. He is the author or coauthor of 5 books related to Microsoft Dynamics GP.  Mark also maintains the Dynamics GP focused website DynamicAccounting.net. He speaks and writes regularly about ERP related topics. Mark has been a controller and CFO for a division of a publicly traded company and he has  worked as a consultant implementing ERP solutions. Mark holds additional certifications including Certified Information Technology Professional (CITP), Certified in Financial Forensics (CFF) , Chartered Global Management Accountant (CGMA). Dynamics Credentialed Professional for Dynamics GP 2015 (Core Install and Core Financials), Xero Certified. He holds a bachelor's degree in accounting from the University of Central Florida and an MBA from Rollins College. Mark lives with his family in Florida.

Read full bio...

minivan