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1042-S reporting for payment made to a pass-through entity
April 16, 2024
Q. My company hosts an athletic tournament that attracts players from all over the world. We pay prize money to professional athletes who are non-U.S. residents and issue 1042-S and California 592-B forms.
Some of the foreign players use professional accounting firms in Europe to do their taxes; some of these firms want the payments issued to them and they in turn pay the players. Issue: We received a W-8BEN-E from a European tax firm and issued the payment to them, but ultimately the player…
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