Forms 1042-S & 1042: How to Complete These Forms for Tax Year 2018


📝 Short Description
Plan to attend this session to learn which payments you may have made that are reportable on Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding. Given that the Form 1042-S for tax year 2018 contains significant revisions, payers and withholding agents may be challenged to complete the Form correctly. This discussion will cover the various types of payments that you must report on Form 1042-S, when the forms are due, and how to avoid problems in completing the filing. We will also include a review of Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, that must be filed to report withholding from payments that you report on Form 1042-S.
đŸ—Ŗ Speakers
Carol Kassem
Regulatory SME, IRS Compliance
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SKU: webcast-9202018 Category:

Product Description

Payments that you made in 2018 to foreign persons may require that you file Form 1042-S with the IRS and remit copies to payees or beneficial owners. With the implementation of the new reporting requirements for FATCA (Chapter 4), numerous changes continue to be made to Form 1042-S that make the reporting process more complex and confusing. In addition to reporting, you may also be required to report the amount of monies that you withheld from payments during 2018. This session will also address how to report withholding on Form 1042.

Forms 1042-S may now appear on penalty notices if you have filed forms incorrectly or not filed on time. Understanding the new reporting requirements will help you to complete the Forms accurately and timely to minimize your risk for penalties.

In this session we will discuss:
  • What’s new for tax year 2018 compared to tax year 2017
  • Who is required to file Form 1042-S
  • Amounts that are subject to reporting on Form 1042-S
  • Amounts that are not required to be reported
  • When are forms required to be filed
  • What are the penalties for not filing
  • When is withholding required
  • How much are you required to withhold
  • How do you deposit any amounts that you withhold
  • How do you report withholding on Form 1042
  • Common mistakes in filing Forms 1042-S
Download this information packed session as we walk you through the boxes on Forms 1042-S and 1042 to explain what information you must report to successfully navigate this filing season.