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Form 1042/1042-S Reporting (Completed)

Date: Monday, November 4, 2024
Instructor: Steven D. Mercatante
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

The IRS is heavily focusing its nonresident alien tax regulations compliance audits on accounts payable operations. If your organization outsources work to an overseas contractor, if you bring a foreign contractor in for short-term work, or if you are asked to pay a foreign consultant's invoice, this one-day seminar will help you to make sense of the regulations surrounding payments to foreign vendors.

Who Should Attend
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Topics Covered

  • How to distinguish payments to US and Non-US Persons
  • Ways to handle payee request for treaty benefits
  • Key elements of the troublesome IRS source-income rule
  • Updates on 1042/1042-S reporting regulations
  • IRS form updates: How recent laws have changed W-8/1042-S
  • How to fulfill reporting obligations via Form 1042, 1042-S
  • Avoiding Problematic Reporting & Withholding Issues: How to Ensure Error Free Filing
  • Making payments to US & Non-US Persons: Keys to getting it right
  • Ways to pin-point the key elements of the IRS source-income rule
  • Essential Checklist for Your 1042-S Filing. What to Know Before You Report
  • Additional documentation issues of Foreign Status and Treaty Claims
  • How to identify troublesome IRS source-income rule
  • Ways to break down W-8/1042/1042-S payee & payment reporting situations
  • Avoiding penalties: Best practices for best results

Learning Objectives

  • Recognize how to distinguish a 1042-S reportable non-resident alien payee from a 1099 reportable resident alien or U.S. citizen payee
  • Recognize how to handle visas, green cards, and using the IRS substantial presence
  • Describe why where the services is performed is so important to determine your 1042-S reporting responsibilities
  • Recognize how to use the Forms W-8 and 8233 to validate payee claims for treaty benefits
  • Identify how to address rules for 1042-S tax withholding and how to report it

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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