1042 Year-End Reporting
Are you ready for year-end reporting? Do you know if you’ve paid foreign entities? You must be able to identify reportable payments to international vendors, know whether a payee’s immigration status permits them to perform services for you, accurately apply withholding requirements and tax treaties, and much more.
The IRS is now focusing its nonresident alien tax regulations compliance audits on accounts payable operations. We will help you understand the challenges in complying with the newest requirements for documenting status, withholding tax, and reporting payments to foreign payees. Find out what steps to take and what documentation you need to have on file if you are bringing a foreign contractor in for short-term work in the U.S.; if you are paying a foreign consultant’s invoice; when you pay royalties to a foreign inventor; if your company outsources work to an overseas contractor; if you want to hire a professor for part-time work; what to do if you neglect to withhold from payment to a non-U.S. contractor; and how to handle various other scenarios.
Don’t miss the latest guidance on FATCA impacts for 2012 filing!
Foreign Payments: 1042 Reporting
- Determine Your Payee Status
- Important definitions you must understand for accurate reporting
- Learn to distinguish a nonresident from a resident alien
- Hands on: Calculate the “substantial presence test” for a U.S. Person
- Using and interpreting TIN’s
Document for Success
- A detailed review of the for W-8 Forms and Form 8233
- Learn how to create your own W-8 Forms
- 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
- Take home a “cheat sheet” for sourcing income
- Effectively Connected Income
- Marketable Securities
Understanding Tax Withholding and Reporting
- Who must file a form 1042-S?
- Box by Box review of the 1042-S Form
- How to easily apply U.S. tax withholding rules
- Understand tax treaties and how they apply to your payees
- Filing your 1042-S and 1042
- Applying the “presumption rules”
Plus: new Backup withholding requirements.
This class includes hands-on exercises and practical tips to help you learn best practices to ensure your organizations compliance.
This is a 1 Day class. 
Hotel information will be posted on the location page as venues are confirmed.
Prerequisite: None. Recommend 1042 Primer Webinar, 1042 Basics Webinar.
CPE Credits: 7 CPE
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Register and Pay Online:
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Post Seminar Support: As a seminar alumnus you receive 6 months tax question support following attendance. Get answers to your questions from our experts by emailing questions@ncomplianceservices.com.