
Information Reporting on Form 1042-S, A New Challenge for Accounts Payable – Part 4: Payments to Agents and Intermediaries Recipient Code
If income is paid to an agent who acts on behalf of the beneficial owner, the beneficial owner is the recipient, not the agent, unless the agent has an agreement with the IRS to take responsibility for NRA withholding and reporting. When income is received by a partnership (Recipient Code 03) or other intermediary that … Read More