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1042-S reporting of transactions made to foreign companies with a credit card

December 6, 2023
December 6, 2023


Q. Our university has a vast credit card program wherein hundreds of faculty make purchases with their corporate credit cards. It has been noticed that some of these purchases are made to foreign (non U.S.) companies for 1042-S reportable items (such as software). From our understanding, unlike payments to U.S. companies with a credit card, we are responsible for reporting payments on the 1042-S made with a credit card. What, if any, are your recommendations as a best practice procedure to…

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