- Membership
- Certification
- Events
- Community
- About
- Help
Reporting foreign sourced services payments on Form 1042-S
March 20, 2024
Q. Are we required to report foreign sourced services payments made to foreign vendors on the 1042-S? I understand that there would be no withholding required, however, I see that the Authority for Exemption codes on the 1042-S includes "03 - Income is not from U.S. sources."
A.
Answered by IOFM's third-party tax experts.
The IRS, in instructions issued Feb. 2, 2024, stated that chapter 3 exemption code 03 (income is not from U.S. sources) should be used for reporting income only in limited…
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?
