Our organization (for a few complicated reasons) gives 1099s to employees instead of W-2s.
We hope to transition fairly soon to D365 BC. It seems that we would not need to set up a payroll solution, but instead we should just set up employees as 1099 vendors. My question is:
Is there any difficulty in setting up a hypothetical employee, John Q. Smith, as a vendor with several distinct bank accounts on his one single vendor card, including:
- His personal bank account where he receives his monthly salary.
- Banking information for his insurance company where our organization pays the insurance premium on his behalf.
- Banking information for his (hypothetically) Raymond James retirement account where our organization pays the monthly contribution on his behalf.
- etc.
These payments would be set up as regular monthly payments via EFT. Then, at end of year, Business Central would generate his 1099 which records a total taxable remuneration consisting of the sum of his (1) salary, (2) insurance, and (3) retirement?
Is that feasible? I know that vendor cards can have more than one bank account attached to them, but what I am unclear about is whether some of those accounts on a vendor card can belong to a third party where a benefit is paid to that third party on behalf of the vendor? Thanks in advance for any help I can get on this!
