It’s that time of year again with thoughts of 1099’s, W2’s and Period End Closing. While we at Net at Work would love to help with the post-holiday blues, our real strength lies in assisting with Sage 100 year end processing.

The Sage 100 supported versions are:

• v2018 – PU5
• v2017 – PU1 and above
• v2016 – PU5 (this will be the last year the IRD and TTU will be available for this version)
• Prior versions will not be able to load the IRD or TTU –  call Net at Work if you are on an older version to discuss your options.

A year end Interim Release Download (IRD) will be released for versions 2016 and 2017 sometime in December, along with the 2019 Tax Table Update (TTU).  Sage 100 v2018 payroll users will be notified of a Payroll update from within Sage once it is available.

For those of you who will have to deal with Payroll or 1099-M (Box 7), forms for 2018 are due January 31, 2019.  There are a few exceptions to this rule, so check with your accounting professional for additional information, as well as for your state and local filing requirements.

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Social Security Administration announced that the maximum amount of wages in 2019 subject to the 6.2% Social Security tax will rise from $128,700 to $132,900.  Wages subject to the Medicare tax rate of 1.45% are still limited to $200,000, with wages over that amount taxed at the .9% rate.

The contribution limit for employees who participate in 401K, 403b, and most 457 plans and the federal government’s Thrift Savings Plan is $19,000 in 2019.

Remember, just because it is called Federal eFiling and Reporting, it does not mean you must efile the tax forms.  You will see the option to print forms from within Aatrix eFiling as you go through the process.

Closing the periods in Sage 100 is something you’ll want to do each month, with the exception of General Ledger, which can remain open as long as you like.  We suggest closing General Ledger once the prior year postings have been made and the audit / tax returns are filed.

Before closing each module, check that all data entry is updated, and that reports are run for the current month and year.  If you’re using Paperless Office, printing the forms to PDF will save time, and you’ll be able to email them off to your accountant if needed during an audit or for tax preparation.  If you’re one of the few companies currently not using Paperless, please call Net at Work  to help you get it setup and to show you how many time saving ways there are to use Paperless Office on a daily basis.

As always, your Net at Work consultants are ready and able to help with any questions you may have during the challenging year-end season!