- Membership
- Certification
- Events
- Community
- About
- Help
Reporting of a third-party payment
January 2, 2023
Q. If a third party makes a payment to Party C to satisfy a judgment against parties A and B, does the third party have to report the payment to Party C? Does the third party have to report the payment to parties A and B since it's the one paying A and B’s debt?
A.
(Answered by IOFM's third-party tax experts)
If the third party acted only in an administrative capacity to issue the payment on behalf of A and/or B, the third party does not have the tax information return reporting responsibility…
Become A Member
Join IOFM today as a Professional, Business, or Enterprise Member — or upgrade your Starter Membership — to get access to this content and thousands of other Articles, Webinars, Expert Answers, Resource Downloads, and more!
Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know.
Ask The Expert is a member resource of IOFM and all advice provided is subject to site’s Terms of Use.
What are you waiting for?
