For those of you who may have missed the announcement direct from Sage, here it is:

Processing 1099s for Year 2008 in MAS 500

1099 Season is Here

With January 31st right around the corner, now is the time to prepare for 1099s. Sage wants your 1099 season to be a successful one. To help ensure this, please take a moment to review the following valuable 1099 processing information.

1099 printing and Electronic Reporting Magnetic Media for 2008 will be available on versions 6.3, 7.0, 7.05, and 7.2 -- prior versions are not supported.

This year, we will be providing the 1099s as a separate install, as well as compiling them into a Monthly Update. If you download the standalone 1099 update, you must have applied the December 2007 Monthly Update or Service Pack first. The standalone download will be available towards the end of December, with the Monthly Update available the first week of January via our website at http://support.sagesoftwareonline.com/mas500/support/updates/updates.cfm.

Forms

MAS 500 supports the following forms: 1099-DIV, 1099-INT, and 1099-MISC. Sage MAS 500 prints 2 vendors or individuals on the 1099-DIV form, 1099-INT form, and 1099-MISC form. If using a local forms provider, please be sure to order forms with the tear-off strip on the right and be prepared to make adjustments to the form in Crystal Reports. Sage supports only LaserJet printing of 1099 forms. You may purchase the appropriate 1099 forms from Sage’s preferred forms provider, Altec. Contact Altec at (800) 765-7751.

Electronic Reporting (Magnetic Media)

Entering Vendor 1099 Beginning Balances

Use 1099 beginning balances to establish 1099 information tracked outside of MAS 500. This is especially useful when a company implements Sage MAS 500 in the middle of a calendar year. Beginning balance can be entered manually or utilizing the beginning balance import function.

Editing or Correcting 1099s BEFORE filing with the IRS

Sage MAS 500 enables you to edit or make corrections to 1099 vendor information and amounts prior to releasing or submitting information to the IRS via the 1099 Forms task. You can edit 1099 data before submitting records, as well as un-submit records so that pre-submission corrections can be made.

Editing or Correcting 1099s AFTER filing with the IRS

Using the IRS 1099 Corrections task, you can enter and flag corrections requested by the IRS. This task is used to make corrections only if you receive notification from the IRS that filing a correction is necessary. Some types of corrections requested by the IRS require submission of both the original (incorrect) 1099 form and the corrected 1099 form. After corrections have been made, you can then re-submit the corrected 1099 forms and original 1099 forms, if required. The correction types that need both the original and corrected copies of the 1099 forms are automatically printed together during the printing process.

Additional Information

Please refer to Sage MAS 500 Online Help for additional information on processing 1099s.

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