Important Tax Updates for Financial Edge

It’s that time of year again -- time to start preparing your end of year tax reports. To ensure accurate end of year reporting, you must run the Financial Edge 7.87 (Patch 16) end of year update! This year-end patch contains updated tax information for 2016, including new tax tables, and important fixes and enhancements related to Aatrix.

If you are a hosted customer, you get these updates automatically. If you are not hosted, running the patch is easy. Simply go to the Downloads page and install patch 16 for Financial Edge.

Why run the update?
Simply put, if you don’t run the updates, you won’t have the latest tax tables or form changes. This could affect your end of year tax reporting.  When you run the patch, federal and state tax table files are updated based on the changes submitted to Blackbaud, and you get all the tax form changes and other product enhancements.

NOTE: Because tax changes are sometimes made after the patch is released, we strongly recommend verifying your tax tables match the annual tables of the Circular E (PDF) to ensure accuracy.

This year’s update includes tax form changes in Financial Edge, as well other enhancements, like the ability to copy ACA information, and to query on ACA information. For a list of all the new tax form changes and eFiling information, check out this great tax season discussions.

How do I run the update?
You can access the patch on the Downloads page for Financial Edge.

End of year resources
Be sure to keep an eye on your Financial Edge community additional end of year information.

Blackbaud Forms has all the new tax forms available on www.blackbaudforms.com. Or call 866.422.3676 for help. We can explain federal and state filing dates and requirements. Use promotion code P10167-250 to receive a 20% discount when you order by December 28, 2016.

Let’s work together to ensure a successful tax season!