Form 1042-S: Withholding on Foreign Person's U.S. Income
Form Revisions, 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 course 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 incorporate recent form revisions. The webinar will also review common mistakes and offer ways to reduce IRS scrutiny and mitigate late-filing or non-filing penalties.
Outline
- Background
- When withholding and Forms 1042, 1042-S, and 1042-T are required
- Payments to foreign persons subject to federal withholding tax
- Form revisions
- Exemptions
- Reporting treaty positions
- Completing the Form 1042-S
- New IRS enforcement initiatives
- Avoiding noncompliance penalties
Benefits
The panel will examine these and other relevant topics:
- Anticipating and avoiding common errors that tax professionals make when preparing Form 1042-S
- How are lag payments treated?
- Identifying triggers and issues that could lead to an audit
- Recent revisions to Form 1042-S
Faculty
Jerry Khan
Managing Director, Information Reporting & Withholding Tax
KPMG US
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.
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Carson M. Le
Senior Manager, Washington National Tax, Information Reporting and Withholding
KPMG US
Mr. Le advises internal and external clients on a range of documentation, entity classification, due diligence,... | Read More
Mr. Le advises internal and external clients on a range of documentation, entity classification, due diligence, reporting, and withholding requirements under chapters 3, 4, and 61 of the Internal Revenue Code; FATCA Intergovernmental Agreements (IGAs); and the OECD Common Reporting Standard (CRS) and advises on IRW impacts of acquisitions and organizational restructuring. He audits client procedures, documentation, and filing data to identify compliance failures and recommend operational improvements; manages remediation and reporting efforts of US and foreign financial institutions via ongoing compilation and analysis of account holder records; assists with the preparation and filing of IRS Forms 1042, 1042-S, 8804, 8805, 8966, 945, and 1099 series, as well as FATCA and CRS schema in various jurisdictions; validates Forms W-9, W-8, and self-certifications, responds to notices, files appeals, and requests for penalty abatement, and generally liaise with the IRS on behalf of clients.
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