After you have generated and reviewed the 1042-S forms you can proceed to finalize the tax year and publish the 1042-S forms to the foreign national's profiles.
What finalizing the tax year does
- Locks the tax year settings for editing
- Locks the user and/or vendor accounts for editing by the foreign nationals and administrators (manually or through an import)
- Makes the recipient copies available in the foreign nationals' profiles
Steps to take
1. Login to your Calculus account.
2. Head to User (or Vendor) List.
3. Click on the Finalize tax year for all button and confirm the action.
4. You will receive a notification once the year is finalized and another once all recipient copies B, C and D are published in the foreign nationals' accounts.
5. Please, perform this Action for both users and vendors, if vendors module has been enabled.
Important: 1042-S forms will be published to the accounts of the foreign nationals that have consented to receiving the form electronically. The ones who did not will not be able to see the form in their accounts, however, they would still be able to consent and the 1042-S form(s) will be made available to them immediately without administrators having to perform additional steps.
If you need to make changes after a tax year has been finalized, please see Making Changes After The Year Has Been Finalized.