South Dakota Form 1042 2024-2025

South Dakota Form 1042: What You Should Know

Filed by Sen. John Goal (R — Sinker) Date: 02/14/2022 ; Action: Senate Motion to amend. S.J. 228 (Ayes, 6 (Rep.) — Yeas, 20 (Banks, 12)) S.J. 228 Amends the Internal Revenue Code to expand the scope of a person's U.S. source income, including scholarship payments paid to foreign entities. S.J. 228 proposes to broaden a person under current law to include a person who provides personal services in the United States to a foreign person, the amount of any such work, and who receives any amount of any payment for such services by, or from an entity or person controlled by, such a foreign person. This bill repeals the current exclusion; replaces it with a credit, the amount of which may be determined on the basis of both source and destination entities, and adds a new subsection for additional limitations on such credits. S.J. 228(a) states that if there is reason to believe a person can demonstrate a reasonable expectation of receiving payment for services provided to a foreign person which have been paid in a transaction with the foreign person, that person's U.S. source income is subject to withholding under IRC 879. Under IRC 879, payments to a foreign person which are paid in connection with the foreign person's source of property held in the United States are not exempt from an amount being withheld. The amount withheld is the amount required to be reported on tax returns and included in a computation of a foreign person's U.S. source income or its withholding tax. S.J. 228(b) states that if there is reason to believe a person can demonstrate a reasonable expectation of receiving payment for services supplied to a foreign person which have been paid in a transaction with the foreign person, that person's U.S. source income is exempt from withholding under IRC 881. Under IRC 881, payments to a foreign person which are paid in connection with the foreign person's source of property held in the United States are not exempt from an amount being withheld. The amount withheld is the amount required to be reported on tax returns and included in a computation of an itemized list of the foreign person's payments to persons, the amount excluded by IRC 879 and the amount required to be reported on tax returns and included in a computation of the foreign person's U.S. source income or withholding tax.

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