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Payments made to U.S. vendors from a Canadian business
August 8, 2023
Q. My company has a legal entity in Canada. We make payments to US suppliers out of that entity. Is there any 1099 reporting requirements for the payments made to these US companies by our Canadian business?
A.
(Answered by IOFM's third-party tax experts)
It would depend on whether the entity in Canada is a "controlled foreign corporation" (CFC) or is a completely separate entity. A controlled foreign corporation within the meaning of Internal Revenue Code section 957(a) is required to follow…
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