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Withholding for p-card payments to foreign vendors
April 16, 2024
Q. Is our company responsible for tax withholding obligations for foreign vendors on p-cards? Does the actual p-card 'bank' (issuer of the p-cards) have all the reporting responsibilities, like they do for 1099s?
A.
(Answered by IOFM's third-party tax experts)
No, the exception you refer to applies only to regulations for 1099 reporting. If your vendor is non-US all responsibility for tax withholding and Form 1042-S reporting lies with your organization.
Q.
Ok, so just to confirm: If someone…
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