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Best practices for reporting foreign credit card transactions
September 25, 2024
Q. Our organization has a vast commercial card program that allows end users to purchase from foreign vendors. This practice makes it difficult to review and report on U.S. sourced payments to foreign vendors prior to purchase. An example of such a purchase would be software purchased from a foreign vendor and downloaded in the U.S.
Are you aware of any best practices other organizations have implemented in order to keep up with 1042-S reporting and withholding due diligence of credit card…
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