Market Areas > Corporate Finance > Form 1042-S

IRS Form 1042-S and Form 1042 Tax Reporting

Course Description:

Do you know how to identify foreign payees, apply the correct oversight to the required payee documentation (Form W-8), withhold federal tax at the appropriate treaty or non-treaty rates, and report all reportable foreign payments to the IRS?

The IRS is now focusing its nonresident alien tax regulations compliance audits on accounts payable operations.  In fact, the service has hired more than eleven agents to perform audits and reviews of witholding, deposits, payee documentation, reporting and internal procedures and controls in complying with IRS code section 1441.

The IRS also announced they intend to audit 100 percent of all U.S. companies that issue payments to foreign individuals or entities. With fines reaching up to $250,000 just for reporting, one mistake could be crippling for any organization.

Let CCM and tax experts Lynda Foertschbeck and Doug Rogers of IRSCompliance, Inc. help you overcome the challenges in complying with the newest requirements for documenting status, withholding tax, and reporting payments to foreign payees.

In this in-depth audio conference on Forms 1042-S and 1042 tax reporting, you’ll come away with the tools you need to:

• Get documentation that separates your U.S. payees from foreign payees,
• Withhold tax, up to 30 percent, from payments to foreign companies and foreign individuals,
• Deposit the withheld tax, and
• Poperly report the foreign payments and withholding to the IRS and the payees at year-end.

By the end of this information-packed session (extended to 2 hours), you’ll also know:

• The purpose of the Form 1042-S
• Which Accounts Payable transactions have to be reported on Form 1042-S
• How the foreign payee documents foreign status
• How to identify the signs of inadequate documentation, or a payee who may be giving you bogus information
• Tips to help you identify potential foreign payees already in your system
• Strategies to determine how much tax to withhold from the payment
• How and when you deposit the withheld tax with the IRS
• What information goes on the Form 1042-S; how it’s filed; when it’s due
• Information you need to include on the Form 1042 reconciliation form; how it’s filed; when it’s due

Featured Faculty:

John Foertschbeck, CPA – Regulatory Tax Professional  

John has extensive experience in providing and managing tax compliance services and consulting related to tax reporting software and associated full services with more than 25 years of experience.  He has been responsible for the management of consultation and implementation services of tax software for clients (Fortune 500) that present complex business models in the integration and conversion process. Specific experience includes providing service directly to clients for the purposes of managing and maintaining compliance with information reporting requirements for 1099, W2, 1042S payments to the IRS, SSA and state agencies.  He was also responsible for researching all requirements regarding information reporting and ensuring that the solutions provided were functioning in full compliance.  John has a BS in Accounting, from the University of Maryland.

Formerly, John was with the Tax Controversy Services Group for Deloitte Tax, LLP, managing services to US and international companies for both 1099 and 1042-S regulatory reporting, certification and withholding. 

Doug Rogers, Director, IRSCompliance, Inc

Doug Rogers, Director, IRSCompliance, Inc, is a consultant on federal and state tax information reporting compliance and has supported a number of fortune 500 companies. He has been a lecturer at key tax conferences for a number of years and has had articles relating to tax risk published in both Worth Magazine and on CFO.COM.  Doug retired in 2006 from the IRS where he had served as the International and U.S. Director for Penalties & Interest under the stand-up of the new IRS. In that position he was responsible for providing the leadership, guidance, and direction with regards to all aspects of the Penalties & Interest Programs Service-wide. Doug is an enrolled agent with the privilege of representing taxpayers, before the Internal Revenue Service without restrictions.

MONEY-BACK GUARANTEE:

We're so confident you'll get what you want out of this conference that we'll refund every penny if you're not completely satisfied. No questions asked! It's 100% risk-free!

Pricing:

Your CD recording includes the complete audio conference presentation, audience Q&A and presentation materials.

CEU:

Receive 1.5 CPE credits by attending the live Audio Conference! CCM 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 addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org Program Level: Intermediate Prerequisites: This course is for participants with some exposure to the subject. Advanced Preparation: None Delivery: Group Live CPE Credits: 1.5 Recordings of the program do not qualify for CPE credits. For more information regarding administrative policies such as complaint and refund, please contact our offices at 877-900-C4CM (2426).

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