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Reporting payments to vendor with dual citizenship
February 16, 2024
Q. We made a payment to a vendor who resides in Vancouver, BC. They currently have dual citizenship with Canada and the United States. Which form would we file, a 1099 or a 1042-S?
A.
(Answered by IOFM's third-party tax experts)
The appropriate Form 1099 (either 1099-NEC or 1099-MISC depending on what the payment was for). A U.S. person remains reportable on Forms 1099 no matter where in the world the U.S. person is residing or performing services.
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