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Navigating 1042-S obligations for payments to foreign companies with U.S. subcontractors
March 20, 2024
Q. My company pays a foreign (W8-BEN) company for services. This foreign company also uses subcontractors, and one of them is a US based company. The payment my company makes goes directly to the foreign company. What are my 1042-S obligations? Do we have to 1042 report or withhold any of the payments made to the foreign subcontractor that might have been executed by their US subcontractor?
A.
Answered by IOFM's third-party tax experts.
If your company's contract/services agreement is with the…
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