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Withholding paid in a subsequent year
April 16, 2024
Q. A payment to a foreign vendor was made in 2023 and it was later discovered that withholding was not completed at the time of payment. Our team paid the tax liability after March 15, 2024. Should the amount paid for the tax liability be reported on the 2023 Form 1042 or 2024 Form 1042? What about the 1042-S?
A.
(Answered by IOFM's third-party tax experts)
The amount paid for the tax liability is reported on the 2023 Form 1042, line 65b. Line 65b is for amounts deposited in the year after the…
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