Looking for suggestions from other companies that have implemented the FATCA 2014 requirements.
Also, are you using any third-party Bolt-Ons that allow your vendors to submit their documentation electronically?
I just learned that SAP 6.0 Enhancement pack 5 or greater includes a module called “SAP Tax
Classification and Reporting for FATCA." I am trying to find someone that has implemented this to see if it actually complied with all aspects of the law.
In the meantime, we plan to use the Date of Birth field in the standard PI Vendor Master record to store the date the W8 or W9 forms were signed by the vendors. Then add this field to a custom report on Vendor Master stuff in order to report out who has complied vs not.
We have not yet addressed the 30% withhold for the non-compliant vendors.