Form 1042 Overview: Information Reporting And Withholding Requirements
This course is a must for professionals involved with businesses making payments to foreign recipients.
Productivity
1 Hours
Description
This course is a must for professionals involved with businesses making payments to foreign recipients. Recent changes in the law have made IRS Form 1042/1042-S filing requirements ever more complex. The cost to your organization can be significant if your team does not have the proper knowledge to handle 1042 matters. You cannot afford to miss this course if you prepare, review, and/or file Forms 1042 for your organization or clients.
Course Objectives
Determine who is subject to Form 1042 reporting,
Understand the tax profile of the payment recipient for payment classification and
reporting,
Identify some of the more common problems related to documenting, validating, and
reporting payee information using the IRS Forms 1042/1042-S,
Spot red flags when reviewing payee tax status and their withholding certificates (W-
8BEN, W-8BEN-E, W-8ECI, W-8IMY, W-8EXP, 8233, etc.),
Avoid reporting and withholding errors,
Understand the sourcing rules of the different types of payments to non-U.S. recipients,
and
Get a basic understanding of 1042 withholding deposit rules.
Target Audience
CPA-small firm, CPA -medium firm, Enrolled Agents, Bankers/Wealth Management working with
foreign nationals/investors, Accounting, Finance, HR, Tax, etc.
Basic Understanding
No prior knowledge required
Course Content
No sessions available.
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