Round 4 Tax Update

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Here’s another round for you... Round 4 Tax Update that is. For those of you using the Microsoft DynamicsTM GP Payroll module, you have probably already been through the installation of the Year-end 2010 Payroll update and the Round 2 Tax update and Code update, which was released earlier this year. Whew! Both were major updates!!!

Now, Microsoft has released the Round 4 Tax update and Code update for their ERP financial management software solution, Microsoft Dynamics GP. This is the last update in the series of tax and code changes brought about by the government’s recent change in the tax law, which changed the employee FICA Social Security tax rate from 6.2% to 4.2%, while leaving the employer’s rate at 6.2%.

The Round 4 update was released on 03/25/2011, which was ahead of schedule. As of this writing, it appears to be a clean update, as there have been no reported problems. The Round 4 code update gives you the 941 form changes required by the Federal Government as well as changes that improve the way Microsoft Dynamics GP works. The tax update portion only applies to the state of Oregon.

You will want to work with your Microsoft Partner for the Round 4 installation since it includes a code update. The installation of a code update is much more involved than a simple tax table update. If you have not installed any of the previous updates, don’t worry. The Round 4 update includes the previous updates as well. Now on to some other useful information.

Have you ever wondered how to print the actual 941 form instead of the preparation report? Well to do so, simply download and print the 941 PDF form from the IRS web site https://www.irs.gov/pub/irs-pdf/f941.pdf. Make sure it is the original size. In the Adobe Reader Print dialog box, don’t select any scaling options, such as Shrink to Printable Area or Fit to Printable Area. Un-check the Auto-Rotate and Center option, as well. Because printer duplex capabilities and alignment vary, you might need to experiment with your printer’s settings to print the report satisfactorily.

Tip: To tell if your Microsoft Dynamics GP software has been updated with the Round 2 update, check the version number. For version 2010, the version will be 11.0.1708 and for version 10, the version will be 10.00.1727.

Another tip: If you have modified the Form 941 report in Microsoft Dynamics GP, you must remove access to the modified report before you can see the changes that are included in this update. To incorporate any previous modifications you have made to the 941 report, you must first delete the modified report, then insert the original 941 report into the modified list and re-modify the 941 report. Be sure that security has been assigned to the modified, so that you will print the modified version instead of the original version.

Sandra Thomas, Owner and Senior Application Specialist
IntelliPoint Technologies, LLC