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Verification of no U.S. services or royalties
August 1, 2024
Q. We have vendors who invoice us each year for software and/or services. We review for potential US services and royalties. If after the review, there are no US services and no royalties, do we have to get confirmation from the vendor each time they invoice us?
A.
(Answered by IOFM's third-party tax experts)
The tax regulations provide the rules for classifying payments and payees, withholding tax and reporting to the IRS -- but the regs don't dictate how a payer must set up their systems, or…
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