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D365 F&O should support the Foreign Account Tax Compliance Act (FATCA) compliance, tracking if vendors need 1042-S reporting
If a W8 is not received from a foreign vendor, we will issue a withholding and pay the IRS. In that case, the FATCA toggle is useful.
However, in this case, the vendor has provided a W8 form, and we are not withholding but rather would prefer to file a 1042 form. ( This case is not supported in D365 and should be supported)
If a W8 is not received from a foreign vendor, we will issue a withholding and pay the IRS. In that case, the FATCA toggle is useful.
However, in this case, the vendor has provided a W8 form, and we are not withholding but rather would prefer to file a 1042 form. ( This case is not supported in D365 and should be supported)
STATUS DETAILS
Needs Votes
Comments
Agree that it would be useful to have a feature set supporting 1042-S / 1042-T tax reporting requirements, which are somewhat similar to 1099 tax reporting.
Please note that FATCA is a separate, unrelated set of requirements.
Category: Tax