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 |
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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