Form 1042-S: Withholding on Foreign Persons' U.S. Income
Final Regulations, 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 incorporating the due diligence and reporting requirements outlined in the final regulations issued in December 2019. The webinar will also review common mistakes and offer ways to reduce IRS scrutiny and 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
- Final regulations issued Dec. 27, 2019
- Reporting treaty positions
- Completing the Form 1042-S
- New IRS enforcement initiatives
- Avoiding 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
- What modifications were made to the previously issued regulations in the final rules?
- How are lag payments treated?
- Identifying triggers and issues that could lead to an audit
Managing Director, Information Reporting & Withholding Tax
Mr. Khan has extensive experience with information reporting and withholding tax documentation, reporting, and project... | Read More
Mr. Khan has extensive experience with information reporting and withholding tax documentation, reporting, and project management. He specializes in both the regulatory and compliance aspects of global operational taxes, such as U.S. qualified intermediary, FATCA, and CRS rules, with an emphasis on the practical and procedural requirements of back-office tax operations. Mr. Kahn has considerable experience in business process re engineering, automation developments, and controls design for global operational tax systems. He has assisted some of the world’s largest banks and custodians to understand the U.S. FATCA and AEOI regimes and worked with these financial institutions to develop processes and procedures to help ensure compliance. Mr. Kahn also has experience with IT systems integration, architecture design, and existing system enhancements. This includes interfacing with IT developers, database administrators, and systems administrators in writing business requirement documents, functional specification outlines, UAT test scripts, and resolving testing and end-user issues.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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CPE On-DemandSee NASBA details.