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Are P-card purchases from foreign vendors reportable on Form 1042-S?
February 7, 2024
Q. Are procurement card purchases from foreign vendors reportable on a 1042-S?
A.
(Answered by IOFM's third-party tax experts)
They are reportable by your institution on Form 1042-S if (1) the payment is for something required to be reported on Form 1042-S - two examples are services or a rental, but not payments for merchandise or equipment which are nonreportable ... and (2) the service, rental or other reportable type of payment is sourced to the United States - meaning a service provided in…
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