1099 changes for FATCA (Foreign Account Tax Compliance Act)

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Posted on by DMV

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Good Afternoon-

I see that there are 1099 form changes for FATCA. From what I can understand, it has to do with US citizens having foreign accounts outside of the US. Apparently, there are new forms to handle that. My question is, is it necessary for our US clients to actually have the changes on the 1099, if their Vendors do not have any foreign accounts?

In PartnerSource, it says this about the update:

For the reporting year 2015, minor adjustments have to be made to the 1099-Tax Forms in Microsoft Dynamics NAV. This release addresses those changes.
A vendor can now be specified as having a “FATCA filing requirement”, which will reflect on the outcome of the reports / file

How would our clients even know if their 1099 vendors had foreign accounts? I'f like to send an email to our customers to see who needs this but, I don't even know how I would word it. What do I actually ask them?

Any help would really be appreciated!

Thanks

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keoma 32,729 on at

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RE: 1099 changes for FATCA (Foreign Account Tax Compliance Act)

you refer to mbs.microsoft.com/.../msdnav20131099taxformsrepy15

best you contact the microsoft support for assistance. your questions are not answered in the doc. if you get an answer please give feedback.

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