Reporting payments to outsourced (offshore) company for services I am the President of an S-Corp registered in CA. I use an offshore company to do software development for my US clients, but I don't have any ownership or partnership with this outsourced company. All I do is make monthly payments for the services that they perform. They invoice me and I wire the money.
Question: I have lumped all these payments under "Outside Services" for the entire 2016 year. Wanted to confirm if this is the right way to report, and if there's anything else I need to do to show that the amount was the correct amount invoiced and the exact amount paid to this offshore/outsourced company.
Thanks for your responses. |