0 Replies Latest reply on Dec 15, 2014 10:40 AM by Bob Moore

    Is anyone looking at solutions for FATCA compliance?

    Bob Moore
    Visibility: Open to anyone

      FATCA was enacted by Congress to target non-compliance by U.S. taxpayers using foreign accounts. FATCA requires to report to the IRS all transactions with foreign entities in which U.S. taxpayers hold a substantial ownership interest.

       

      I am seeking information on what is the SAP recommended approach for corporations such as CN to become FATCA compliant. Here are specific questions:

       

      • Description of any specific SAP configuration related to FATCA requirements
      • Recommendations or best practices to implement FATCA compliance, such as:
        • Capturing information from W-8 forms (e.g.: W-8BEN-E form)
        • Production of the 1042 and 1042-S filing to the IRS
      • If applicable, details on any recommended partner solutions that can be used to support FATCA requirements