Sage recently released a 1099 update for Sage 500 ERP (formerly MAS 500). The update is for Sage 500 ERP v7.3 and v7.4. The Sage 500 ERP v2013 included the update changes already so there is no patch necessary.
The 1099 Update changes for 2012 include the following:
- The electronic format has changed for 2012. The electronic reporting is a requirement for companies with over 600 1099's.
- For security purpose, the IRS is now truncating the payer's social security number on their copy of the 1099 they receive. While this is not a requirement, it is highly recommended.
We recommend that you apply this 1099 update patch if you are current on Sage Maintenance. If you are not current or you have a version other than the three (3) I mentioned above we can assist you in retrofitting these changes into your version. In addition we can assist in the implementation of the 1099 update patch mentioned above.
Please contact us for any questions you might have regarding your 1099 update and Sage 500 ERP.
