When you sign up with Payoneer’s tax services solution, you provide the contact details of your payees. From there:
1. Your payee receives an email asking them to complete the relevant W- form.
2. Their submitted information is collected by Payoneer, stored securely, and then passed on to a third party that makes a precise withholding calculation for each payee.
3. All withholding payments per payee are then aggregated and automatically fed into a 1042 or 1099 form, which you can review before submitting it to the IRS.