Learn how IRS Form 1042-S reporting differs from Form 1099 reporting, why tax withholding is so frequently required from payments to foreign vendors, and the “best practice” procedures which can protect your organization from assessment of significant monetary penalties for failures in 1042-S and foreign-payee withholding compliance.
- How Form 1042-S reporting differs from Form 1099 reporting
- How the 30% tax withholding rate applies to payments you’re making
- Why TINs (tax ID numbers) are not required for Form 1042-S reporting
- Why the payee's provision of a U.S. TIN, unlike with 1099 reporting, will still require 30% federal income tax withholding on payments of U.S. source income
- Form 1042-S due dates
- IRS Form 1042 annual return also required from 1042-S filers
Learning objectives: Identify payments commonly made from Accounts Payable to foreign vendors subject to tax withholding and Form 1042-S filing
Marianne Couch, JD - Principal, Cokala Tax Information Reporting Solutions, LLC
Marianne Couch, JD, is a Principal in the Cokala tax group and 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, The Master Guide to Form 1042-S Compliance and numerous published articles. Prior to co-founding Cokala in 2007, 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.
Marianne was an appointee for three years to the IRS Commissioner’s 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.
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