With the release of Dynamics GP 18.7, a new option has been added to the Print 1099 window that allows for partial masking of the Tax ID number with Payables 1099 Mask ID. This feature is similar to the one used for payroll U.S. W2 forms.
A few years ago, the IRS introduced a regulation permitting the masking of ID numbers on 1099 forms. While this is optional for companies, it enhances security.
The specific field that gets masked is the Vendor’s Tax ID Number, which is entered in the Vendor Maintenance – Options window and printed in the Recipient’s TIN field on the 1099 forms. This masking feature is available for 1099-NEC, 1099-INT, 1099-DIV, and 1099-MISC forms, regardless of the form type (continuous, with boxes, single feed).
The Payer’s TIN, pulled from the Print 1099 window Payer’s Federal ID Number, will not be masked. The system will mask the first five characters of the 11-digit Vendor Tax ID number.
This feature is crucial for enhancing the security and privacy of sensitive information. By masking the Vendor’s Tax ID Number, companies can reduce the risk of identity theft and fraud. This added layer of security helps build trust with vendors and ensures compliance with IRS regulations, even it is optional. For end users, this means their sensitive information is better protected, providing peace of mind and fostering a more secure business environment.
Thank you for voting this up and highlighting its importance to your business. Enjoy this much-anticipated GP feature!
Continue to check back to the Microsoft Dynamics GP October 2024 – Feature Blog Series to review upcoming blog posts related to Microsoft’s new features .
By CAL Business Solutions, Connecticut Microsoft Dynamics GP / 365 BC & Acumatica Partner, www.calszone.com
Read the original post at: https://community.dynamics.com/blogs/post/?postid=5db16425-a985-ef11-ac21-6045bdff8c1d
