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Withholding for p-card payments to foreign vendors

April 16, 2024
April 16, 2024


Q. Is our company responsible for tax withholding obligations for foreign vendors on p-cards? Does the actual p-card 'bank' (issuer of the p-cards) have all the reporting responsibilities, like they do for 1099s? A. (Answered by IOFM's third-party tax experts) No, the exception you refer to applies only to regulations for 1099 reporting.  If your vendor is non-US all responsibility for tax withholding and Form 1042-S reporting lies with your organization.   Q. Ok, so just to confirm: If someone…

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