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1042-S reporting to foreign intermediary
March 6, 2023
Q. My company made a payment to a foreign vendor. My company and the foreign vendor both acted as intermediary / pass-through entities. Should my company issue a 1042-S to the intermediary foreign vendor?
A.
(Answered by IOFM's third-party tax experts)
A foreign intermediary is not the beneficial owner of an income payment. An intermediary passes income through to others, so for tax compliance it's required to determine the status of individuals or entities which are the actual beneficial…
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