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1042 reporting for royalties
December 13, 2021
Q. We have a faculty member who purchased images and “reproduction right fees” (“Copyright Fees” is also printed on the receipt) from a foreign entity for her research and now seeks to be reimbursed. Can we reimburse royalties or copyrights to an individual who doesn’t actually own the rights?
There would be no 1099 reporting requirement for reimbursements; however, royalties are always subject to tax reporting. How can we use the GL code Royalties but not report it on 1099 without triggering…
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