Payoneer Expands Tax Suite with 1042 Forms for US businesses
July 12 2022 - 8:00AM
Business Wire
The new offering expands Payoneer’s suite of services for
content platforms in the burgeoning digital royalties space
Payoneer (NASDAQ: PAYO), the commerce technology company
powering payments and growth for the new global economy, announced
today the expansion of its tax services with the addition of 1042
forms. The new offering simplifies tax obligations for marketplaces
and platforms paying digital royalties to non-US residents, and
marks further inroads by Payoneer into the music and creative
royalties space.
The growing digital economy has created new and unique business
opportunities for international content creators. The content
creator economy, one of the fast-growing digital commerce
ecosystems, has been estimated to include between 50 and 200
million people.1
Many of the top content consumption platforms – from streaming
music to social media – are based in the US and required by the IRS
to report the royalties paid to their international creators. This
makes Payoneer’s 1042 tax service essential for US-based digital
content platforms hosting nonresident creators, helping them meet
IRS withholding and reporting responsibilities while saving time
and resources by:
- collecting tax entity information for
creators using W forms; - calculating withholding rates using tax
entity information; and - filing 1042 forms to the IRS on behalf of
the platform.
“As a leader in the digital commerce industry, we work to lower
barriers that stand in the way of customers’ growth potential,”
said Ya Wen, SVP of Americas at Payoneer. “Our new 1042 tax
offering minimizes pain points for platforms that pay digital
royalties to an ever-expanding base of international content
creators. It’s about taking the complexity out of tax withholding
and reporting responsibilities with an automated and secure service
that manages it for them end-to-end.”
In addition to tax solutions, Payoneer offers companies in the
digital royalties space an extensive global banking and payments
network that makes it easier and safer for them to pay creators and
suppliers located in more than 190 countries and territories around
the world.
Learn more about how Payoneer helps digital content platforms
and artists succeed in the fast-growing creator economy here:
https://www.payoneer.com/enterprise/use-cases/digital-royalties/.
About Payoneer Payoneer is the world's go-to partner for
digital commerce, everywhere. From borderless payments to boundless
growth, Payoneer promises any business, in any market, the
technology, connections and confidence to participate and flourish
in the new global economy.
Since 2005, Payoneer has been imagining and engineering a truly
global ecosystem so the entire world can realize its potential.
Powering growth for customers ranging from aspiring entrepreneurs
in emerging markets to the world's leading digital brands like
Airbnb, Amazon, Google, Upwork, and Walmart, Payoneer offers a
universe of opportunities, open to you.
Forward-Looking Statements This press release includes,
and oral statements made from time to time by representatives of
Payoneer, may be considered “forward-looking statements”.
Forward-looking statements generally relate to future events or
Payoneer’s future financial or operating performance. In some
cases, you can identify forward-looking statements by terminology
such as “may,” “should,” “expect,” “intend,” “will,” “estimate,”
“anticipate,” “believe,” “predict,” “potential” or “continue,” or
the negatives of these terms or variations of them or similar
terminology. Such forward-looking statements are subject to risks,
uncertainties, and other factors which could cause actual results
to differ materially from those expressed or implied by such
forward-looking statements. These forward-looking statements are
based upon estimates and assumptions that, while considered
reasonable by Payoneer and its management, as the case may be, are
inherently uncertain. Factors that may cause actual results to
differ materially from current expectations include, but are not
limited to the occurrence of any of the risks and uncertainties set
forth in the section entitled “Risk Factors” and “Cautionary
Statement Regarding Forward-Looking Statements”, as well as any
further risks and uncertainties contained, in Payoneer’s Annual
Report on Form 10-K for the period ended December 31, 2021 and
future reports that Payoneer may file with the SEC from time to
time. Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. Payoneer does not
undertake any duty to update these forward-looking statements.
__________________________________________ 1
https://signalfire.com/blog/creator-economy/ and
https://linktr.ee/creator-report/
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version on businesswire.com: https://www.businesswire.com/news/home/20220712005291/en/
Investors Michelle Wang investor@payoneer.com
Media Irina Marciano PR@Payoneer.com
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