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U.S. 2012 Tax Tables have Released

Friday, December 23rd, 2011

Microsoft has released the 2012 U.S. Payroll Tax Update for Microsoft Dynamics GP 2010 and 10.0.* If you’ve been following the news, the extension on the payroll tax cut is still up in the air. The IRS has advised Microsoft to revert back to what is on the Notice 1036, which is 6.2% withholding and a $110,100 limit on Social Security. The IRS is not optimistic this will be decided before the end of the year, and it is better to over-withhold than under-withhold. If it changes back to 4.2%, Microsoft will re-release the tax update, and Gilchrist Scott will re-post instructions on how to correct any over-withholdings.

Since the 2012 tax tables include the change from 4.2% to 6.2%, it is important to install this update AFTER creating the year-end wage file for the 2011 year.

The tax update also contains changes for the following states:
California
District of Columbia
Hawaii
Kentucky
Maine
Maryland
Massachusetts
Minnesota
New Mexico
North Dakota
Oregon
Rhode Island
Vermont

Contact us with any questions regarding your year-end process. (207) 761-2133 or support@gilchristscott.com.

*Support for version 10 ends October, 2012.

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Posted in Dynamics GP, Specific GP Modules, Support |

Dynamics GP Payroll Year End Update - 2010

Tuesday, November 16th, 2010

Watch for Dynamics GP (Great Plains) - US Payroll year end update tentatively scheduled for 11/18/10.

Form Changes included in the year end update will include W-2, Hire Act (ends 12/31/10), W-3, and Payables 1099-INT.

Microsoft Payroll and Technical Support experts are recommending all Dynamics GP Payroll users install the year end update. We recommend you do this before the year-end crunch. It’s best to get the year-end update out of the way rather than waiting until you’re ready to process W-2’s.

GP Update Target Release Dates for Version 9,  10 SP 5,  GP 2010 SP 1
US Payroll Year End - 11/18/2010
Canadian Payroll Year End - 12/16/2010
US Payroll Round 1 2011 tax update - 12/16/2010
Business Portal W4 form change – 12/16/2010

Watch for the 2011 Tax update with the following changes (known so far):
Earned Income Credit phased out
Social Security limit remains unchanged from 2010
State changes: California, Kentucky, Minnesota, New York City

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Posted in Dynamics GP, Microsoft, Specific GP Modules, Support |

Dynamics GP Resources

Monday, February 9th, 2009

In our busy lives it is so easy to try to ‘tough it out’ on our own and sometimes spend too much wasted time spinning our wheels. For me, this can be a source of frustration. As I consider this, I wonder if our customers are feeling similar things. Perhaps something has been missed along the way. I wanted to share with you some of the different resources you benefit from being a customer of Gilchrist Scott, Ltd. and Microsoft Dynamics. (more…)

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Posted in Best Practices, Dynamics GP, Tips 'n Tricks, Training |