Transcription
IRS Tax FormsCompliance in Different SAP DeploymentsGustavo Tamae KakazuProduct and Partner ManagementSAP LABS, LLCPalo Alto, California
DisclaimerThis presentation, or any related document and SAP's strategy and possible future developments, products and or platforms directionsand functionality are all subject to change and may be changed by SAP at any time for any reason without notice. The information inthis presentation is not a commitment, promise or legal obligation to deliver any material, code or functionality. This presentation isprovided without a warranty of any kind, either express or implied, including but not limited to, the implied warranties ofmerchantability, fitness for a particular purpose, or non-infringement. This presentation is for informational purposes and may not beincorporated into a contract. SAP assumes no responsibility for errors or omissions in this presentation, except if such damages werecaused by SAP’s intentional or gross negligence.All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially fromexpectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of theirdates, and they should not be relied upon in making purchasing decisions.2 2020 ASUG Confidential
Key Outcomes/Objectives1. IRS Tax Forms supported by SAP2. SAP Advanced Compliance Reporting for S4/HANA3. IRS 1099 and 1042S: Configuration & Demo run3 2020 ASUG Confidential
Agenda 4SAP TeamSAP Globalization ServicesIRS Tax Forms in SAP scope & Deployment ModelsAdvanced Compliance Reporting Framework (“ACR”)IRS 1099 and 1042S: ConfigurationDemo 2020 ASUG Confidential
SAP TEAMPrashant Kumar SinghShreya DeorasDebasis PandaNiteesh RaiGustavo Tamae KakazuSenior Software EngineerSenior Software EngineerSenior Software EngineerProduct OwnerSenior Product ManagerGlobalization ServicesGlobalization ServicesGlobalization ServicesGlobalization ServicesGlobalization ServicesSAP LABS INDIASAP LABS INDIASAP LABS INDIASAP LABS INDIASAP LABS PALO ALTO, CA5 2020 ASUG Confidential
Average hours per year* a company spends to prepare and pay taxes159131114218 33413932823817513812925224115011053126 2020 ASUG Confidential* Source: The World Bank - 2019
What Globalization Services mean for SAP Customers?InternationalizationTechnical enablement of asystem to operate globallyLocalizationFunctions dedicated to the needs ofbusiness in a specific country or region/ cross-countriesØ Multilanguage supportTranslationSpeak the languageof the localsØ Product (User Interface)Ø Code pages / UnicodeØ Local best business practicesØ Documentation and collateralsØ Time zonesØ Tax and legal requirementsØ Customer communicationØ Multiple currenciesØ Statutory reportingØ Calendars7 2020 ASUG Confidential
The impact of SAP Globalization Services worldwideDevelopment centersin 9 countriesNew solutions tailormade for emergingcountries1.200263.000 customers in 190 different countriesCountry versionsFinance/Logistics 64Payroll101Person Days spent per year280.000.000Words translated per year 2020 ASUG Confidential1.00039 languageslegal changes per year in10 releasesPeople working @Globalization Services160.0008Translated intoStrong commitment towardscustomers to ensurecontinuously legal compliance
USA – SCOPE OF IRS TAX FORMS SUPPORTEDIRS PRINT FORMS & FILES (1) ( 2)1099-MISCMiscellaneous payments1099-NECNon-employee compensation1099-INTInterest payments1099-GGovernment payments1099-KPayment Card and 3rd party network transactions1042-SPayment of US source income to foreign person( 1 ) Combined Federal/State Program is supported.( 2 ) Individual State requirements are outside the scope supported.9 2020 ASUG Confidential
DEPLOYMENT MODELDEPLOYMENT MODELECC (1)S4/HANA OP (2) (3)S4/HANA CLOUD (2)For fiscal year 2020 Program RFIDYYWT ACR compatibility mode (RFIDYYWT)ACR full mode (available) ACR compatibility mode (RFIDYYWT)ACR full mode (available)For fiscal year 2021 and onwards Program RFIDYYWT ACR full mode (mandatory) ACR full mode (mandatory)Some clarifications on ACR: “ACR” stands for Advanced Compliance Reporting Framework “ACR compatibility mode” runs FIORI UI frontend and old program RFIDYYWT in the backend (see NOTE 2 below –SUNSET) “ACR full mode” runs FIORI frontend and the new generation tax reporting in the backend.NOTES:( 1 ) For ECC in particular, report program RFIDYYWT will continue being supported for annual tax changes.( 2 ) SAP Note 2480067 ACR compatibility mode (RFIDYYWT) is scheduled for SUNSET (end of maintenance) and replacement by ACR full mode on October 1st, 2021 ACR full mode will be the sole functionality running for fiscal year 2021 and onwards.( 2 ) S4/HANA OP requires minimum release 1809 to run ACR full mode (SAP NOTES required: 2997931, 2958179, 2896508, 2908180, 2972569)10 2020 ASUG Confidential
Helpful links and information:ECC – report program 0000000a42189e.htmlAdvanced Compliance Reporting (“ACR”) for S4/HANA On-premise: a42189e.html Cloud: a4450e5.htmlUS component to raise customer tickets related to IRS tax forms:11 2020 ASUG ConfidentialFI-AP-AP-Q1
SAP Advanced Compliance Reporting forS4/HANA12 2020 ASUG Confidential
The Current Market Reality for Legal ReportingRegulationRiskStrategy§ Changing Economy§ Changing legislation§ Legally Compliant§ Cumbersome Process13 2020 ASUG Confidential§ Digital BusinessGlobalization§ High TCO & integrationTechnology§ Harmonize reporting§ New Data Technologies
Advanced Compliance ReportingNext generation legal reporting platformVAT Periodic ReturnEC Sales ListFinancial StatementAudit FilesVAT Sales and PurchaseLedgerBalance of PaymentsAsset ReportingForeign trade declarationTransport TaxGoods and Service Tax 14 2020 ASUG ConfidentialAny legal reporting requirementWithholding TaxLegal AuthoritiesAdvanced Compliance ReportingRun timeDesign TimeSLH ACR ServiceS/4HANA Cloud MTES/4HANAS/4HANA Cloud STESAP HECCentral FinanceNext generation solution to manage statutoryreporting worldwide enabling simple adoption ofconstant legal reforms in your digital businesstransformation while reducing cost and providingtransparency in an efficient way
How S4/HANA ACR has transformed Legal ReportingClassic legal reporting without ACRS/4 Advanced Compliance ReportingApplicationDocuments –MM/SD/FIGlobal ComplianceMonitor1000 legal reports across countriesPartnerDefine ComplianceReportGSTWHTAuditVATManual steps for differentreports/countriesERPMMSDFI Database extracts toprepare reports manually§§§§§Heterogeneous single point solutionsCumbersome data display and reviewManual report data extraction, collection and generationManual monitoring and No transparency of reporting complianceClassic reports difficult to extend and adapt15 2020 ASUG Confidential§§§§§Homogenous legal reporting solution as per Government prescribed formatsData Preview, Embedded Analytics and Audit TrailReal Time reporting without any data replication and reconciliationE2E Monitoring and Complete Transparency on reporting complianceGuided platform for defining and extension of reports
Value AddedLegal ReportingCapabilities16 2020 ASUG ConfidentialGlobal Coverage ofEnd to End LegalReportingLegal ReportingPlatform
Value AddedLegal ReportingCapabilities17 2020 ASUG Confidential
ACR Reporting dashboardMonitor the reporting status Overview of statutory reporting tasks andstatus to keep ahead of submission deadlines.The app provides a smooth process for creatingand sending statutory reports to thegovernment on time and acts as a constantmonitor of submission statuses.18 2020 ASUG Confidential
Report Generation6. Embedded Analytics5. Generation of Report3. Data Processing4. Validations1. Provide Parameter2. Data Retrieving19 2020 ASUG Confidential
Data Preview3213. User friendlylabels.2. Documentation forelements is taken fromXSD and shown asadditionalinformation.1. Unifiedrepresentation ofgenerated formatsto business users.20 2020 ASUG Confidential
Manual Adjustments for late changesOnly if Really Needed!View LogsRegeneratethe outputModify dataReview & Verifythe data.Reset the valueEdit Approval21 2020 ASUG Confidential
End-to-end reporting processDefine, Consume and monitor the activities around your reporting process Reporting Activities are preparatory steps likeconsolidation, exception analysis and post stepslike posting of tax payables. They can be carried out before or after the legalreport generation. With the flexible Reportingactivities concept, all activities can be plugged into enable end-to-end legal reporting. 22. 2020 ASUG Confidential
Manual Adjustments via Manage Tax Items for Legal ReportingThe ProblemTax consultants have to carry out manual activities outside the SAP system to ensure that all the relevant tax items are reported to thetax authority as per the country's legal requirement. Irrelevant tax reporting results in budget impacts and cash liquidity burdens tooperations.Process FlowSolution IntentØØØGive holistic view of tax items for a specific periodControl tax items without manipulating it outside thesystemReduce dependency with shared services teamAdvanced Compliance ReportingManage TaxItemsGenerate RunMandatory ActivityTax PayablePostingOptional ActivityValue PropositionØØØØ23Support tax accountants to move tax items acrossreporting periods by updating the Tax Reporting DateProvides a view to verify the tax items for reportingAdapt last minute correctionsTrack changes to support auditing 2020 ASUG ConfidentialPrerequisitesØØActivate tax reporting date for company codeEnsure change of tax reporting date is legallyallowed
ACR Solution CapabilitiesAvailable Capabilitiesü Single framework for all statutory reportingwith Fiori UXü Reporting dashboard to monitor statusü Multiple legal output formats – XML,XBRL, TXT, PDF forms, JSON, CSVü Real Time Reporting based on CDS viewsü Embedded Analyticsü Data previewü Manual Adjustments-Output formatü Electronic submission with GovernmentInterfaces via ACR serviceü Complementary compliance attachmentsü Partner Correspondenceü Audit Trailü Versioning of Legal Output Formatsü Incorporating Business Rulesü Flexible Reporting Levelsü End-to-End reporting process throughReporting Activitieso Manage Tax Itemso Enablement of Tax Payable Postingsü Self Service Configurationsü Extensibility Using Define AdvancedCompliance ReportsüüüüüüüüüüSchedulingAd-hoc ReportingDesign Studio IntegrationCo-Pilot enabling CollaborationGlobal compliance Monitor – Reportingcompletion %Support Tax calendarGeneric Reports for VAT, Cash Flow Statementand Financial StatementSupport for correction and clarificationprocessFile Level SubmissionWorkflows for ApprovalsPlanned gration with SAP Tax Compliance§ Digital Assistance via CoReconciliation with tax authorities dataPilot integrationSupport Excel format as legal output§ Digital Board Room PresenceManual Adjustment: Handling of calculatedelements; Adding/deleting rowe-SigningData from External System for reportingFurther Extensibility Possibilities via DefineAdvanced Compliance ReportsAdvanced Scheduling of ACR reportsAccess to Archive data for legal reportingAdditional KPI’s on global compliancemonitorNotifications to business usersMail communication to business partnersVersioning of Report DefinitionsWorkflow For ACR activities and File levelsubmissionIntegration with Advance Financial CloseData Preview for large filesFeatures based on requirements from futurelegal reportsSAP Globalization Services24 2020 ASUG ConfidentialSolution Vision*Local Solutions. Global Success.DISCLAIMER: This map represents SAP’s current plan, but subject to change without any prior notification. Certain planning constraints such as regulatory and licensing issues are outside of our control and may impact the timelines
Global Compliance Monitor25 2020 ASUG Confidential* Requires SAP Cloud Analytics license
Global Coverage ofEnd to End LegalReporting26 2020 ASUG Confidential
ACR Built-in Legal Reports – Overall availability for S/4HANA Cloud until 2005 ( 235 reports)AMERICASAPJü Brazil: ECD, ECF, EFD – ICMS/IPI, EFD – Contribuições, EFD - REINF Reportingü USA: Withholding Tax Reports - 1099 MISC, 1099 NEC, 1099 G, 1099 INT, 1099 K, 1042 Sü Japan: Withholding Tax Reports: Blue Returns, White Returns, VAT Detail Report, VAT SummaryReport, VAT Summary Detail Report, VAT Form 4-(2), 4-(6), VAT Form 3-(2), VAT Form 3-(1),Central Bank Report –Payment Style 2 (1), Payment Style 2 (2), Payment Style 4 (1), PaymentStyle 4 (2); Trade Credit Check Reporting - Long term Export Credit, Short term Export Credit,Long term Import Debt, Short term Import Debt, Export Down payment received, Import Downpayment paid, Financial Statementü Venezuela: Withholding Tax Reportü Malaysia: GST03 Report, GST Audit File – GAF, Sales and Service Tax Reportü Canada: GST Reports – HST & RITC, Templates for PST & QSTü Mexico: DIOT Report, Chart of Accounts Report, VAT Declaration, Account BalanceReport, Journal Entry Details Report, Account Auxiliary Report, Withholding Tax -37Aü New Zealand: Goods and Services Tax (GST) ReportMENAü Saudi Arabia: VAT Return, Withholding Tax Declaration - Form 06, Withholding TaxDeclaration - Form 09ü South Africa: VAT Return – Summary Report , VAT Declaration- Line Items, BBBEEVendor Classification Report, VAT Return Summary Fileü United Arab Emirates: VAT Return, FAF Audit Report File for VAT line items, Cash FlowStatementü Philippines: Tax Summary List - Summary List of Importations, Sales & Purchases, WithholdingTax Reporting – BIR 2307 , VAT Return - Quarterly, VAT Declaration – Monthly , ComputerizedAccounting System Reports - General Journal, General Ledger, Inventory Book, PurchaseJournal, Sales Journal, Cash Receipt Journal, Cash Disbursement Journal, Monthly RemittanceForm of Creditable Income Taxes Withheld (Expanded) 0619-E, Monthly Remittance Form ofFinal Income Taxes Withheld 0619–F, Quarterly Remittance of Creditable Income TaxesWithheld (Expanded) 1601-EQ, Quarterly Remittance Return of Final Income Taxes Withheld1601-FQü Singapore: GST Return, WHT report - IR37/S45, GST Transaction Listing (IAF)APJü Australia: GST Data summary for BAS Reportü China: Transfer Input VAT, Construct Input VAT, Audit Reports - Asset Accounting,Account Payables and Receivables, Common Information, General Ledger, Cash FlowReport (Direct/Indirect), Statement of Equity changeü India: Withholding Tax Quarterly Declaration - 26Q, 27Q and 27EQ, GST Reports GSTR3B, GSTR1, FORM GST ANX-1, FORM GST ANX-2ü South Korea: VAT Returns - Tax Invoice of Sales/Purchases, Fixed Asset Acquisition Report,Withholding Tax Reports - Business Income/ Other Income, Trial Balance, Cash Flow Statementü Taiwan, China: VAT - BAN.TXT, BAN.T02 & BAN.T08, Balance Sheet / Income Statement, CashFlow StatementüThailand: Cashflow statement, VAT return – PP36, VAT Return PP30, Vat Return PP30 –Extended, Withholding Tax Reporting - 50BIS, PND2, PND3, PND53, PND54ü Indonesia: VAT Return, Withholding Tax Report – PPH 23/26, PPH 4(2), PPH 15, PPH 22,e-Tax Invoices – VAT In/Out, VAT Imports, VAT Exports, Cashflow statement27 2020 ASUG ConfidentialDISCLAIMER: This map represents SAP’s current plan, but subject to change without any prior notification. Certain planning constraints such as regulatory and licensing issues are outside of our control and may impact the timelines
ACR Built-in Legal Reports – Overall availability for S/4HANA Cloud until 2005 ( 235 reports)EMEAü Austria: EC Sales List, Balance of Payments – L1, Annual VAT Return – U1; Advance VATReturn - U30, Ad-hoc reportingü Belgium: EC Sales list, Withholding Tax Declaration 281.50, Annual Sales List, Balance ofPayments - F01DGS, F01MER, F02CMS & S03CCR, Periodic VAT returnü Czech Republic: EC sales list, VAT return, Balance Sheet Statement, Cash Flow Statement,Profit & Loss Statementü Denmark : EC Sales List, VAT Reportü Finland: VAT/Tax Return, EC Sales List - Recapitulative Statementü Portugal: Monthly SAFT for Self-billing (e-Fatura), Billing SAF-T, Fiscal Maps, WithholdingTax - Modulo 30, EC Sales List, SAF-T Accounting/Integrated/Auditü Romania: EC Sales List – Declaration 390, Journal for Sales/Purchase, Trial Balance, VATDeclaration - 300, Domestic sales purchase list – VIES 394, Fixed Asset Chart, FinancialStatement – Annual/Semesterü Russia: Invoice Journal, VAT Purchase Ledger, VAT Sales Ledger, VAT Return, FinancialStatements, Property Tax Calculation and Return, VAT Return Clarification Request, CashFlow Statementü France: Overdue Invoice – D441-4, VAT Return- CA3, EC Sales list, Withholding TaxDeclaration – DAS2, Balance of Payments - ECO & RTE, Audit Fileü Spain: EC Sales and Purchase List – Model 349, VAT Return – Model 303, Withholding Tax –Model 190, Form 347 - Annual Transaction Statement, Incoming Cash Transaction,Withholding Tax Reports – Modelo 111, Modelo 216, Modelo 296ü Germany: Audit Report Z3, EC Sales Listü Sweden: EC Sales list, VAT Returnü Hungary: EC Sales and Purchase List - A60, Audit Files - AEA, VAT Return- 65A, 65Mü Switzerland: National Bank Reporting (Balance of Payments), VAT Return (effectivereporting method), Ad-hoc reportingü Ireland: VAT Return – VAT3, EC Sales list- VIES, Return Trading Details, Withholding Tax –Deduction Summaryü Italy: Withholding Tax Declaration – CU, Quarterly VAT Declarationü Slovakia: EC Sales List, Fixed Asset Forms, Cash Flow Statement, Financial Statements, VATControl Statement, VAT Returnü Luxembourg: EC Sales list, Balance of Payments STATEC Form 26, SAF-T (FAIA), VATReturn - Annualü Turkey: Input VAT declaration, Inventory ledger, Sales invoice list, Purchase SalesDeclaration (Ba/Bs Forms), e-Ledgerü Netherlands: EC Sales list – ICP, VAT Returnü United Kingdom: VAT Return, EC Sales list, Withholding Tax Report – CIS 300, ReverseCharge Sales Listü Norway: Line item report – GL, AP, AR, VAT Returnü Poland: EC Sales and Purchase List, VAT Register, Trail Balance and Line Items Customer/ G/L Account/ Supplier, SAF-T Reporting - Invoices/Accounting Ledgers/Goodsmovement/VAT/Bank Statements, Overdue Invoice Report, Financial Statements Quarterly/Yearly, Cash Flow Statement – Direct, Fixed Assets Forms - OT, LT, MT,Customer Balances and Line Items in Local Currency, Vendor Balances and Line Items inLocal Currency , WHT Report & Declarations (IFT2/IFT-2R), Withholding Tax Declaration(CIT-10Z)28 2020 ASUG Confidential
Legal ReportingPlatform29 2020 ASUG Confidential
ACR Design time toolReuse & Change existing legal reports or Create new definitions Out of the box Features Report Wizard1. Define report properties and parameters2. Selecting data source3. Mapping to output formats4. Reuse xml schema5. Define events6. Define business partnercorrespondences7. System validations30 2020 ASUG Confidential
SAP S/4HANA for advanced compliance reportingBenefits and CapabilitiesBenefitsCapabilitiesCost SavingsGlobal CoverageSimplicityCentral FrameworkComplianceDesign time platformInnovationEfficient & AccurateNext Generation Reporting Platform: Simple, Efficient, Open for Customer & Partner development31 2020 ASUG Confidential
IRS 1099 and 1042S: Configuration32 2020 ASUG Confidential
Overview In the United States, Withholding Tax is calculated at the time of payment Cleared vendor invoices, credit memos and open down payments with withholding tax information are reported tothe IRSReportDescription1099MISCFor Miscellaneous Income1099NECFor Non-Employee Compensation1099INTFor Interest Income1099GFor Unemployment compensationPayments1099KFor Payment paid via Third Party Network1042SFor Foreign Vendors3 legal outputs are generated by the reports: Text File which can be Submitted to the IRS Pre-printed form which can be printed on any COPY A and can be submitted to the IRS COPY B which needs to be given to suppliers33 2020 ASUG Confidential
Configuration for Tax Type1. Go to IMG path - Financial Accounting - FinancialAccounting Global Settings - Withholding Tax - ExtendedWithholding Tax - Calculation - Withholding Tax Type - Define Withholding Tax Type for Payment Posting2. Below are the tax types required for 1099 and 1042S34 2020 ASUG Confidential
Configuration for Tax CodeGo to IMG path - Financial Accounting - FinancialAccounting Global Settings - Withholding Tax - ExtendedWithholding Tax - Calculation- Withholding Tax Codes Define Withholding Tax Codes - Select Country/RegionKey as US 35 2020 ASUG Confidential
Configuration for 1099-MISC Reporting36 2020 ASUG Confidential
Configuration for 1099-MISCDefine Tax CodeThe tax codes must have the following numbering to get correct 060809103b or 133c or 147b15DESCRIPTIONW/T PERCENTAGERents0%Royalties0%Other Income0%Fishing boat proceeds0%Medical and health care payments0%Substitute payment in lieu of dividends 0%Direct Sales to a buyer for resale0%Crop insurance proceeds0%Excess golden parachute0%Gross proceeds to an attorney0%Section 409A income0%Section 409A deferrals0%Base amount, percentage to tax : 100 %Postings, Post. Indic. : 1Calculation, With/tax rate: Leave blank37 2020 ASUG Confidential
Configuration for 1099-MISCDefine Tax F0FBFCFDFEDESCRIPTIONW/T PERCENTAGERents28%Royalties28%Other Income28%Fishing boat proceeds28%Medical and health care payments28%Substitute payment in lieu of dividends28%Direct Sales to a buyer for resale28%Crop insurance proceeds28%Excess golden parachute28%Gross proceeds to an attorney28%Section 409A deferrals28%Section 409A income28%If state tax must be withheld, assign a second type to the company code as follows:TYPE CODE DESCRIPTIONW/T PERCENTAGEST16State tax withheldDepending on state38 2020 ASUG Confidential
1099-MISC Form39 2020 ASUG Confidential
Configuration for 1099-MISCSample Output: Copy B Form40 2020 ASUG Confidential
Configuration for 1099-MISCSample Output: Pre-Printed Form41 2020 ASUG Confidential
Configuration for 1099-MISCSample Output: Text File42 2020 ASUG Confidential
Configuration for 1099-NEC Reporting43 2020 ASUG Confidential
Configuration for 1099-NECDefine Tax CodeThe tax codes must have the following numbering to get correct reporting:TYPEFEFEFEFE44CODEF707N7S7 2020 ASUG ConfidentialDESCRIPTIONNon-Employee CompensationNon-Employee CompensationNon-Employee CompensationNon-Employee Compensation
1099-NEC Form45 2020 ASUG Confidential
Configuration for 1099-NECSample Output: Copy B Form46 2020 ASUG Confidential
Configuration for 1099-NECSample Output: Pre-Printed Form47 2020 ASUG Confidential
Configuration for 1099-NECSample Output: Text File48 2020 ASUG Confidential
Configuration for 1099-G Reporting49 2020 ASUG Confidential
Configuration for 1099-GDefine Tax CodeThe tax codes must have the following numbering to get correct reporting:CODEDESCRIPTION1GUnemployed compensation amount2GTotal state tax refunds amount5GTaxable Grant amount6GTaxable Grant amount7GTotal Agriculture payment amount8GTotal trade or business amount5BATAA Payment amountPercentage subject to tax: 100%Withholding tax rate:0% (or valid rate for reporting year)50 2020 ASUG Confidential
1099-G Form51 2020 ASUG Confidential
Configuration for 1099-GSample Output: Copy B Form52 2020 ASUG Confidential
Configuration for 1099-GSample Output: Pre-Printed Form53 2020 ASUG Confidential
Configuration for 1099-GSample Output: Text File54 2020 ASUG Confidential
Configuration for 1099-INT Reporting55 2020 ASUG Confidential
Configuration for 1099-INTDefine Tax CodeThe codes must have the following numbering to get correct reporting:CODEDESCRIPTION1ITotal Interest Amount1JTotal Interest Amount2ITotal early withdrawal Amount3ITotal Int Savings bonds AmountWithholding tax rate:56 2020 ASUG Confidential0% (or valid rate for reporting year)
1099-INT Form57 2020 ASUG Confidential
Configuration for 1099-INTSample Output: Copy B Form58 2020 ASUG Confidential
Configuration for 1099-INTSample Output: Pre-Printed Form59 2020 ASUG Confidential
Configuration for 1099-INTSample Output: Text File60 2020 ASUG Confidential
Configuration for 1099-K Reporting61 2020 ASUG Confidential
Configuration for 1099-KDefine Tax Code 1099K Reporting is based on the period in which documents are posted If the document is posted in January the amount will be displayed in January box and so on62 2020 ASUG Confidential
Configuration for 1099-KSample Output: Copy B Form63 2020 ASUG Confidential
Configuration for 1099-KSample Output: Pre-Printed Form64 2020 ASUG Confidential
Configuration for 1099-KSample Output: Text File65 2020 ASUG Confidential
Configuration for 1042-S Reporting66 2020 ASUG Confidential
Configuration for 1042-SOfficial Withholding Tax Keys Go to IMG path- Financial Accounting - Financial Accounting Global Settings - Withholding Tax - ExtendedWithholding Tax - Basic Settings Define Withholding Tax Keys67 2020 ASUG Confidential
Configuration for 1042-STax Type and Tax code Configuration Assign the official withholding tax in the tax code Income code is mapped to official withholding tax key68 2020 ASUG Confidential
Configuration for 1042-SDefine Withholding Tax Keys Go to IMG path- Financial Accounting - Financial Accounting Global Settings - Withholding Tax - ExtendedWithholding Tax - Calculation- Argentina- Define Withholding Tax Keys Maintain Withholding Tax Keys for Chapter 3 Reporting69 2020 ASUG Confidential
Configuration for 1042-SSample Output: Copy B Form70 2020 ASUG Confidential
Configuration for 1042-SSample Output: Pre-Printed Form71 2020 ASUG Confidential
Configuration for 1042-SSample Output: Text File72 2020 ASUG Confidential
Setting Up Business PartnerBusiness Partner Details - Address73 2020 ASUG Confidential
Setting Up Business PartnerBusiness Partner Details - Address74 2020 ASUG Confidential
Setting Up Business PartnerBusiness Partner Details - Control75US1 – Social Security NumberUS2 – Employee Identification NumberUS3 – STCD3US4 – Unique Form Identifier NumberUS5 – Global Intermediary Identification Number 2020 ASUG Confidential
Setting Up Business PartnerWithholding Tax Type and Tax Code76 2020 ASUG Confidential
Setting Up Business PartnerCountry Specific Enhancement77 2020 ASUG Confidential
Reporting Entity Parameters1. Go to IMG path - Financial Accounting - AdvancedCompliance Reporting - Setting Up Your Compliance Reporting2. Select Reporting Entity US RPG ENT and Enter ParametersSpecific to Reporting Entity78 2020 ASUG Confidential
Reporting Entity Parameters79 2020 ASUG Confidential
Parameters Specific to Report Category1099-MISC1099-G80 2020 ASUG Confidential
Parameters Specific to Report Category1099-INT1042-S81 2020 ASUG Confidential
DEMO82 2020 ASUG Confidential
Questions?For questions after this session, contact us at:Gustavo Tamae KakazuProduct and Partner ManagementGlobalization ServicesSAP Labs, LLC.Palo Alto, Californiagustavo.tamae@sap.com83 2020 ASUG ConfidentialNiteesh RaiProduct Owner – PU DevelopmentGlobalization ServicesSAP Labs IndiaBangalore, Indian.rai@sap.com
Thank you.Stay connected. Share your SAP experiences anytime, anywhere.Join the ASUG conversation on social media: @ASUG365 #ASUG84 2020 ASUG Confidential
SAP assumes no responsibility for errors or omissions in this presentation, except if such damages were . 1099-K Payment Card and 3rd party network transactions . Style 4 (2); Trade Credit Check Reporting - Long term Export Credit, Short term Export Credit, Long term Import Debt, Short term Import Debt, Export Down payment received, Import .
