Magnetic Media Reporting
The Internal Revenue Service Government Regulations outline the procedure for submitting year-end W-2 and 1099 information on computer-based magnetic media. According to these regulations, companies reporting 250 or more W-2 or 1099 forms must file this information using magnetic media. The simple, easy-to-use Magnetic Media Reporting module for the Sage MAS 90 and Sage MAS 200 ERP systems 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 electronic media 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 W-2s for employees or 1099s for 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 information using the Magnetic Media Reporting module. This module, integrated with the Payroll and Accounts Payable modules, makes complying with tax regulations easy and fast.
