Forms 1042-S & 1042: How to Successfully Complete These Forms for Tax Year 2019

Description

Available only as a Digital Download

Presenter: Carol Kassem, Regulatory Expert

Payments that you made in 2019 to foreign persons may require that you file Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, with the IRS and remit copies to payees or beneficial owners. Form 1042-S is similar to Form 1099-MISC given that a single Form is used to report multiple types of income. If you file Forms 1042-S, you must also file Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, to report amounts withheld as well as a reconcilement of the income reported.

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.

This session will address the following issues:

• What’s new for tax year 2019 compared to tax year 2018
• 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 have withheld
• How do you report withholding on Form 1042
• Common mistakes in filing Forms 1042-S
• …and more!

Plan to join us for 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.