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1042-S reporting of amounts paid by credit card
April 3, 2023
Q. Our university works with many non-U.S. vendors with payments that require 1042-S reporting. If our faculty and staff choose to use their university corporate credit cards to pay these vendors rather than paying them through our AP department, do the 1042-S reporting and withholding obligations for reportable payments fall on the credit card company rather than on our university?
A.
(Answered by IOFM's third-party tax experts)
No. The obligations for withholding U.S. federal income tax if…
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