Vendor Payment Technology ServicesHelping companies automate foreign withholding documentation and payment processes |
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The Internal Revenue Service (IRS) has focused on certain types of U.S. income tax withholding as an audit issue. Many businesses across different industries may not have addressed Section 1441 documentation and withholding concerns associated with U.S. source income paid to foreign persons.
U.S. businesses — whether financial institutions or any other type of business that makes payments to foreign persons or entities — are required to collect certain documentation, properly classify the character of the payments, as well as determine the amount of income tax that might be withheld. Types of payments that fall into this area include: payments to foreign persons or entities for dividends, interest, personal services, rents, and royalties.
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Vendor payment technology services
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