IRS Forms 1042 and 1042-S Reporting (Course Id 1576)

Taxes - Taxes for Course Id 1576

Recent changes in the law have made IRS Form 1042/1042-S filing requirements ever more complex. The cost to your organization can be significant if it's not ready. This course is a time saving tool that will help CPA’s, tax, and accounts payable professionals get ready to file Forms 1042/1042-S.

In this course, industry expert and corporate tax attorney Steven D. Mercatante Esq. takes a look some of the more common problems related to documenting, validating, and reporting payee information using the IRS Forms 1042/1042-S while offering solutions and best-practices for addressing related reporting issues.

NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents - 1576

Course Learning Objectives

• Discover tips for handling the changes to the new Forms 1042/1042-S, incorporating them into your systems, and filing accurately
• Learn best practices for validating the W-9, W-8's, and 8233 and avoiding reporting and withholding errors
• Distinguish between services compensated and why they matter, discover whether the service constitutes employment under immigration law, how where the service performed impacts your reporting obligations, what distinguishes a resident for tax purposes from immigration purposes, and learn the tax treatment of different visa's
• Learn what types of payments are 1042-S reportable and the rules for each, including scholarships and fellowships, honoraria, payments to artists and athletes, partnerships, royalty payments, independent/dependent personal services, as well as related elements of the IRS source/income rule
• Learn how to handle W-8 payee requests for treaty benefits, reduced 1042-S withholding, and reporting
• Recognize elements requiring you to doubt the information on Forms W-9, W-8, or Form 8233 and get tips for handling Form 1099 vs. 1042-S expat earnings, tax equalization, and foreign income exclusions vs. resident/non-resident alien reporting
• Receive detailed filing tips for the Form 1042-S codes and boxes

Chapter 1 - IRS Forms 1042 and 1042-S Reporting

Introduction

1042/1042-S Overview 

The W-9

FATCA Overview

FATCA Status Checkboxes When Validating Forms W-8

Know Your Definitions

Red Flags for Non-US Payees

U.S. or Non-U.S.

Determining Payee Tax Status – Green cards and visas

Colleges and Universities Need to Be Careful

Determining Payee Tax Status – The SPT

Reporting Exceptions for the Non-Resident Alien In Higher Education 

Dual-Resident Payees

resident of a U.S. Possession

Documenting Non-Resident Alien Payee Tax Status

The W-8BEN-E

The W-8BEN

The Form 8233

The Form W-8ECI 

The Form W-8IMY

Form W-8EXP

Validity Periods for Forms W-8

Record Retention

1042-S Reportable Income

Sourcing Rules

Treaties

Filing Forms 1042 and 1042-S

Recent Changes to Form 1042-S Information Returns

Know your codes

Glossary