3604525 - Define Withholding Tax Codes for 1099/ 1042 in ACR DRC report

You use the withholding tax codes to specify the tax rates, the tax base, and any exemptions that apply. By doing so, you can report to the IRS your outgoing payments and withheld taxes for 1099-MISC, 1099-G, 1099-K, and 1099-INT, and 1042-S vendors.

When you create a company code using the template for the United States, the system sets up some of the necessary withholding tax codes, while others must be created manually.

The following sections provide examples of withholding tax codes that can be used in different Forms in USA. Based on these examples, you can report withholding tax details to the Internal Revenue Service (IRS).

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