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Reporting of gifts to non-resident aliens
November 15, 2022
Q. Our foundation procured funds through crowndfunding to help a Ukranian refugee who is currently a temporary employee of the University. What reporting is required? We know that a 1099-K is issued for payments for crowdfunding, but is there also a requirement for a 1042-S? This is a gift and not payment for services.
A.
(Answered by IOFM's third party tax experts)
If the Foundation awarded the money to the individual, the award would be subject to regulations on 1042-S information reporting…
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