1042-S Compliance and Reporting Essentials
1042-S reporting is a Tier 1 audit issue with the IRS. This means it’s critical for you to understand what your obligations and exposure are with regard to foreign payees. We find that organizations often believe they are not paying foreign entities and when we give them indicators to look for, almost across the board, these organizations discover they do have foreign payees.
We will help you understand how to identify foreign payees, what documentation you need to obtain, what income is reportable, who is exempt from reporting, mandatory backup withholding requirements, and best practices in your organization to ensure compliance with these ever-expanding regulations.
Foreign Payments: 1042-S Compliance and Reporting
- Determine Your Payee Status
- Important definitions you must understand for accurate reporting
- Learn to distinguish a nonresident from a resident alien
- Using and interpreting TIN’s
Document for Success
- A review of the for W-8 Forms and Form 8233
- How long should you really keep your W-8’s
- Identify the policies and procedures you must have ready for the auditor
Define Income Subject to 1042-S Reporting
- Income subject to NRA Withholding
- Effectively Connected Income
- Marketable Securities
Understanding Tax Withholding and Reporting
- Who must file a form 1042-S?
- Learn your Backup Withholding requirements
- Applying the “presumption rules”
This class includes hands-on exercises and practical tips to help you learn best practices to ensure your organizations compliance.
Length: 4 hours | Level: Basic | CPE Credits: 4 | Prerequisites: None
Schedule:
- May/June 2012 TBD
- September 13, 2012 1:00pm – 5:00pm CST
Registration Fee: $339
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