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Handling Tax Withholding Obligations for Foreign Vendor PCard Transactions
March 27, 2024
Q. I am reporting PCard transaction to foreign vendors from 2023. At the time of purchase I did not have a W-8 form and did not withhold funds. I am now calculating what should have been withheld on some of the transactions. Where on the 1042S is this amount entered and how does it get paid to the IRS?
A.
Answered by IOFM's third-party tax experts.
If you've identified that income paid to a foreign vendor was "sourced" to the United States (two examples: for services performed in the U.S., or…
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