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Dynamics 365 Community / Forums / Microsoft Dynamics SL (Archived) / 1099 MISC and 1099-K R...
Microsoft Dynamics SL (Archived)

1099 MISC and 1099-K Requirements

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Posted on by Community Member

The IRS has issued a new 1099 reporting method for payments being made to a vendor via a third party clearing house (aka Paypal, credit card, etc.)  See Link Below. To our CPAs understanding we are not suppose to include payment amounts on the 1099 MISC form made to our vendors/IRS if payment was made via the Third Party clearing house, as those amounts will be reported to the Vendor/IRS via 1099-K. Does this seem correct?

If it is correct then SL doesn't seem to handel this very well. So far we've had to create a custom report and intend on updating the Vendor Maintenance 1099 amounts manually. I was wondering if there is a Patch for SL or some other method that someone might know about? We have already applied the year-end hot fix for SL.

 

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  • Carolyn Kolpien Profile Picture
    Carolyn Kolpien Microsoft Employee on at

    Hi Sandra,

    Thank you for the information on 1099 reporting.  I believe the issue is that SL does not have a way to distinguish payments made to third party vendors and those made directly to 1099 vendors.  You most likely are recording a check to these third party vendors and they are marked as 1099 vendors.  So the system doesn't have a way to separate the two types of payments.  

    It seems like you have found a workaround and that's about the best that can be done at this time.  You could enter a product suggestion in CustomerSource in the Product Feedback tool.  These suggestions are taken seriously by our product management staff.

    I haven't had any reports of this yet.  I'll do some checking.

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