Rental payments to a foreign vendor

October 9, 2019

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Q. What income code should be used to report rent payments to a foreign vendor? We are in the process of setting up our finance system and we want to be sure we have account codes and rents (Form 1099 Box 1) also set up on the 1042 side of things.  This would be any type of rent that could be paid in the course of a calendar year: equipment, property, etc. A. (Answered by COKALA Tax Information Reporting Solutions, LLC, is a 3rd party, independent advisory services firm offering experienced and…

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