Recent Developments in Foreign Withholding and Information Reporting
Target Audience: CPAs, EAs, Annual Filing Season Program Participants
Field of Study: Taxes (NASBA); Federal Tax (IRS)
IMPORTANT INFORMATION REGARDING CONTINUING EDUCATION CREDIT: THE IRS ACCEPTS THIS SEMINAR FOR ONE (1) CONTINUING EDUCATION CREDIT FOR ENROLLED AGENTS (EA) AND ANNUAL FILING SEASON PROGRAM (AFSP) PARTICIPANTS. Others, PLEASE CONSULT WITH YOUR RESPECTIVE STATE LICENSING AGENCY REGARDING ACCEPTABILITY OF THIS CREDIT.
Note: the credit received from this seminar qualifies as continuing education that is required to obtain the voluntary AFSP – record of completion. However, this website does not offer the AFSP annual federal tax refresher (AFTR) course.
IRS COMMUNICATIONS AND LIAISON IS REGISTERED WITH THE NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY (NASBA) AS A SPONSOR OF CONTINUING PROFESSIONAL EDUCATION ON THE NATIONAL REGISTRY OF CPE SPONSORS. STATE BOARDS OF ACCOUNTANCY HAVE FINAL AUTHORITY ON THE ACCEPTANCE OF INDIVIDUAL COURSES FOR CPE CREDIT. COMPLAINTS REGARDING REGISTERED SPONSORS MAY BE SUBMITTED TO THE NATIONAL REGISTRY OF CPE SPONSORS THROUGH ITS WEBSITE:
WWW.LEARNINGMARKET.ORG.
DISCLAIMER: This Seminar was recorded on JULY 27, 2023, in Atlanta Georgia
Seminar/Program Level: Basic
Recommended Continuing Education Credit: 1
As globalization continues to increase, information reporting and withholding on U.S. payments to foreign persons and entities continues to impact small and large U.S. businesses alike. This session will highlight how to report U.S. source payments to foreigners on the tax return Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Person and information Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding, best practices, as well as issues and things to consider when filing these forms. At the end of this presentation, you will be able to:
- Define the Reporting obligations of a Withholding Agent under Chapters 3 and 4 of the code for F1042-S and F1042
- List the most Common Errors for F1042-S and F1042
- Describe the changes to F1042-S and F1042 for Tax Year 2022
- Differentiate between a Form 1042 and a Form 1042T.
- Conceptualize the repercussions for failing to comply.
No prerequisites or advanced preparation are required for this seminar.