Tax Reporting of Payments
- Income (taxable and exempt per a treaty benefit) and the taxes withheld, are reported to foreign individuals on IRS Form 1042-S (Foreign Person's U.S. Source Income Subject to Withholding).
- The 1042-S form is mailed to individuals by March 15 of the following year, while a W-2 is mailed to individuals by January 31 of the following tax year.
- Nonresident aliens receiving payments classified as U.S. source income must file a tax return with the Internal Revenue Service.
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