Important Q1 and Q2 2010 Changes in 941 form for Microsoft Dynamics GP Payroll
Yes, the 941 form is changing AGAIN (and AGAIN after this). If you print the 941 form out of Microsoft Dynamics GP (onto the pre-printed government form), you may notice that the form has changed, effective for the Q1 2010 filing (which is due the end of April, 2010). If you have not done so already, you will need to load the latest Microsoft Dynamics GP service Pack in order to have these changes update the printing of the 941 form. The links to the service pack and its instructions are listed below:
Microsoft Dynamics GP 10.0:
https://mbs.microsoft.com/customersource/downloads/taxupdates/usgptu10.htm?printpage=false
Microsoft Dynamics GP 9.0:
https://mbs.microsoft.com/customersource/downloads/taxupdates/usgptu9.htm?printpage=false
If you choose to install this service pack, IT WILL NEED TO BE INSTALLED ON EVERY SINGLE WORKSTATION RUNNING MICROSOFT DYNAMICS GP. After installation, the version will read 10.00.1424 for version 10 or 9.00.0375 for version 9.
In addition to the changes to the 941 for Q1, there will be additional changes in Q2, 2010. There are also a couple of employer credits that the system will need to track. Microsoft will be releasing the Service Pack for the Q2 changes in mid June. Again, this service pack will need to be installed on every single workstation running Microsoft Dynamics GP.
If you typically fill out the 941 form “manually” (and do not print it out from GP), you may be able to skip the installation of the Q1 service pack altogether. For the Q2 changes, however, it may benefit you to apply this service pack, since it is actually tracking new information. The information on the Q2 changes is listed below:
2010 U.S. Payroll Tax Update for Microsoft Dynamics GP 9.0 and 10.0
Microsoft will release a mid-year tax update in June 2010 that will comply to the recent Hire Act changes required for Quarter 2 reporting. This will be supported for the following versions: Microsoft Dynamics GP 9.0, 10.0, GP 2010, and SBF 9.0.
The following items are anticipated changes:
1. There will be a data model change on the Payroll Tax Information Master (UPR00300) to add a checkbox to mark an employee qualified.
2. The 941 quarter end report will be modified to comply with the Q2 reporting and will include the changes needed to apply the payment for qualified employees from Q1.
3. Another impact of this change is the W2 and W3 forms. These changes will be released in the 2010 year end update later this fall.
Link to the IRS website regarding the changes:
http://www.irs.gov/newsroom/article/0,,id=220326,00.html