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The Internal Revenue Service Government Regulations outline the procedure for submitting year-end W2 and 1099 information on computer-based magnetic media. According to these regulations, companies reporting 250 or more W2 or 1099 forms must file this information using magnetic media. The simple, easy-to-use Sage MAS 90 and 200 Magnetic Media Reporting module is designed to assist you in complying with these regulations.
The Magnetic Media Reporting module provides the capabilities for reporting wage and payment information from the payroll and accounts payable modules and 1099-INT, 1099-DIV, and 1099-MISC information on 3 1/2" diskettes in the format required by the federal government.
Several states have also adopted magnetic media reporting regulations, using the federal reporting requirements as guidelines. Sage MAS 90 and 200 users who file W2s for employees or vendors who work or live in the states that comply with either the current federal MMREF-1 format or the TIB-4 format can file their state W2 information using the Magnetic Media Reporting module. This module, integrated with the Payroll and Accounts Payable modules, makes complying with taxing regulations easy and fast.
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Integration with Payroll Magnetic Media Reporting automatically retrieves and copies W2 information from the Payroll module, eliminating duplication of tedious data entry. Integration with Accounts Payable Accounts Payable integration allows automatic retrieval of 1099-INT, 1099-DIV and 1099-MISC information, providing an easy method for companies to comply with government filing regulations. State Specific Reporting Specific reporting information for each state varies depending upon each state’s requirements. The Magnetic Media Reporting module supports the states that comply with the federal filing format, as well as a selected list of additional states. The module will create an appropriate file format for these selected states. This ensures that your system generates accurate filings and minimizes rejections from government agencies. Test Runs Some government agencies require you to submit a test diskette along with an application to file on magnetic media. The Sage MAS 90 and 200 Magnetic Media Reporting module provides test runs of federal and state W2s and 1099s, giving you the ability to comply with this requirement. |
Click here to view the Magnetic Media Reporting
PDF File
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