Form 1042-S: Withholding on Foreign Persons' U.S. Income
Avoiding Filing Errors, Credit Disallowances and Audit Penalties
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This webinar will provide tax advisers with a thorough and practical guide to preparing Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding. The panel will discuss evaluating potential Form 1042-S withholding and filing responsibilities and detail the significant changes made to the form by the 2017 tax reform legislation. The webinar will also review common mistakes and offer ways to avoid or mitigate late-filing or non-filing penalties.
- When withholding and Forms 1042, 1042-S and 1042-T are required
- Payments to foreign persons subject to federal withholding tax
- Reporting treaty positions
- Completing the Form 1042-S
- New IRS enforcement initiatives
- Noncompliance penalties
The panel will examine these and other relevant topics:
- Which payments to related parties trigger withholding obligations--and which don't--under the IRC?
- Anticipating and avoiding common errors that tax professionals make when preparing Form 1042-S
- Understanding the new rules for substitute Form 1042-S
- Adapting to the changes in Form 1042-S reporting for FATCA
- Identifying triggers and issues that lead to audit or denial of claimed withholding credits
C. Edward Kennedy, Jr., CPA, JD
C. Edward Kennedy Jr.
Mr. Kennedy has more than 36 years of experience dealing with a variety of international tax matters, specializing in... | Read More
Mr. Kennedy has more than 36 years of experience dealing with a variety of international tax matters, specializing in tax consulting services to a wide variety of clients ranging from closely held companies to multi-national businesses. His expertise includes domestic and foreign income and social security tax planning, tax compliance for individuals and corporations, tax treatment of incentive compensation plans, international assignment program administration, and international assignment policy design. He has also served as the U.S. practice leader for international social security matters for a Big 4 accounting firm.Close
Elis A. Prendergast
Mr. Prendergast is part of the firm's Information Reporting and Withholding practice. He has considerable... | Read More
Mr. Prendergast is part of the firm's Information Reporting and Withholding practice. He has considerable experience advising financial institutions on information reporting and withholding related issues arising out of FATCA, the Non-Resident Alien withholding (chapter 3 of the Internal Revenue Code), and the Backup withholding (chapter 61 and 3406 of the IRC). He also advises clients with respect to non-U.S. reporting regimes such as, the U.K. provisions commonly known as the Crown Dependencies & Overseas Treasuries (CDOT), and the Standard for Automatic Exchange of Financial Account Information in Tax Matters (commonly referred to as the Common Reporting Standard, or CRS). Previously, he held an operational tax position at a global custodian, The Bank of New York Mellon, where he played a role in documentation validation, withholding and remittance, and the annual reporting process.Close
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