Form 1042/1042-S Reporting
Author: Steven D. Mercatante
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
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 course will help you to make sense of the regulations surrounding payments to foreign vendors.
Publication Date: November 2024
Designed For
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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
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
