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Handling Payments to Foreign Vendors from Bermuda and 1042-S Reporting
March 12, 2025
Q. In 2024, our company made several excess liability payments to a foreign vendor out of Bermuda. I am not all too comfortable with 1042-S reporting so I am asking for some guidance.1. Does Bermuda have a Tax Treaty with the US and If not, how should I have handled payments to them during the 2024 tax year?2. The vendor's W-8BEN-E form does not necessarily seem to be filled out as required? Is a tax ID required for form W-8BEN-E?
A.
(Answered by IOFM's third-party tax expert)
The U.S. does…
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