Form 1042-S reporting of payments to foreign individuals and entities is a high-profile IRS compliance issue, and foreign vendors and other foreign recipients are part of nearly every organization’s Payables process. For these payments subject to rules under Internal Revenue Code chapter 3 or 4 (FATCA), U.S. tax often must be withheld, and Form 1042-S must be filed to the IRS even if you didn’t have to withhold tax from the payments.
This program will cover:
- Basic summary of payments that require Form 1042-S and Form 1042 reporting
- Documentation requirements to identify foreign “beneficial owners” of U.S.-source income – basic use of IRS Forms W-8BEN, 8233, W-8BEN-E, W-8IMY, W-8ECI, W-8EXP
- Recent Regulatory guidance affecting the receipt and validation of W-8 forms and claims of reduced withholding under benefit of tax treaties
- Basics of Form 1042-S reporting to the IRS – including changes to the form, codes and instructions for reporting payments made in 2017 (IRS filing due date March 15 – and furnishing 1042-S statements to recipients
- Essentials of timely federal deposit of tax withheld from payments to foreign individuals or entities and preparation of the annual reconciliation Form 1042
Learning objectives for this program:
- Evaluate payment situations to identify I.R.C. chapter 3 or chapter 4 information reporting or tax withholding requirements
Marianne Couch, JD - Principal, Cokala Tax Information Reporting Solutions, LLC
Marianne Couch, JD, a Principal in the Cokala tax group since its founding early in 2007, is an experienced and well-known advisor on U.S. federal and state tax information reporting compliance. She is a frequent lecturer at major tax conferences and the author of The Master Guide to Form 1099 Compliance and numerous published articles. She is a founding partner of Cokala. Previously, she was for many years the Research Director of the tax reporting specialty firm Balance Consulting, and chaired special training and advisory services provided to large organizations and academic and nonprofit institutions. She also formerly served as the executive director of the National Association of Form 1099 Filers, Inc.
Marianne was an appointee for three years to the IRS Information Reporting Program Advisory Committee (IRPAC), where she was Chair of the IRPAC Subcommittee on Small Business and Self-Employed (SBSE) tax issues.
Marianne formerly served as a Research Attorney for the Michigan Court of Appeals, and earlier as a litigator for a large Michigan law firm, where she represented individuals and large clients in many types of civil actions. She received her JD, cum laude, from the Michigan State University School of Law, and is a member of the State Bar of Michigan.
Continuing education credits available!
Receive 2 CEUs toward AP & P2P/IOFM APM, APS, or APD recertification! The Accounts Payable Certification Program is designed to establish standards for the profession and recognize accounts payable professionals who, by possessing related work experience and passing a comprehensive exam, have met stringent requirements for mastering the accounts payable body of knowledge.
To cancel your registration for this event, simply contact IOFM customer service at [email protected] (or call 207-842-5557) no later than 24 hours prior to the scheduled start of the event. You can choose to access the full recorded event, or, your credit may be applied toward the purchase of any IOFM product or interactive event. If for any reason you are not completely satisfied with this program, we will provide a full refund — no questions asked!
For more information:
Contact Customer Service:
Phone: (207) 842-5557
Email: [email protected]