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GEMM and 1099 Processing
GEMM software is used to produce 1099s, quarterly reports,
and electronic or magnetic media. The Internal Revenue Service, state,
and local governments each impose their own terms, specifications, and
procedures for reporting. These requirements are cumbersome and often
difficult to understand. GEMM was written to streamline reporting to each
of these governmental agencies.
GEMM makes the organizing, editing,
and reporting process much easier. Using an XML file created in your accounting
package, GEMM stores, sorts, and presents reports and forms in a clear,
concise layout. Whether you are printing 1099s or creating electronic
or magnetic media file(s), you will find that using GEMM makes reporting
easier.
1099 Forms
GEMM is used for the 1099 reporting process. The
software uses information contained in an XML file created in your accounting
package at year-end. GEMM stores, sorts, and presents 1099 amounts in
a clear, concise layout.
Paper Reporting
Federal and state reporting guidelines allow 1099
reporting using paper forms. GEMM has been written to facilitate the 1099
reporting process. In addition, GEMM prints 1099 forms for distribution
to payees. The software uses an XML file created by your regular accounting
package. GEMM does not send information back to your accounting package.
Any changes made in GEMM are not reflected in your general ledger or accounts
payable files. Refer to Reporting
Only on Paper for more information.
Magnetic Media Reporting
Magnetic media reporting provides a simple and easy
way for payers to report 1099 amounts to the appropriate state and/or
federal authorities. The software uses an XML file created by your regular
accounting package. GEMM does not send information back to your accounting
package. Any changes made in GEMM are not reflected in your general ledger
or accounts payable files.
Formats
Taxing authorities accept the following formats:
TIB-4 format, ICESA format, and MMREF format. The GEMM software determines
the correct format for each state automatically. If you are submitting
paper forms, GEMM is certified for each state’s paper form.
GEMM Instructions
GEMM has its own Help file and
user guide. A copy of the user guide is included in the Documentation
folder on the installation CD. Select the file GEMM.pdf and Adobe Acrobat
launches. Once the file displays, you can print a copy of the manual.
See
Also
1099 Overview
Applications on the eFinancials Menu