The IRS Form 1042-S tax information return has grown to include 60 boxes, 160 code numbers and some very complex instructions. Payers must file Form 1042-S filing to report a wide range of payment types which are income “sourced” within the United States and paid to non-U.S. individuals and non-U.S. entities which are beneficial owners of that income. Join this webinar for essential information to help you navigate the preparation of the 2023 Form 1042-S including:
- Choosing the correct Income code for Box 1
- Box 3 and differentiating between chapter 3 and chapter 4 reportability
- Codes to specify exemption from U.S. tax withholding: what the brief IRS labels really mean
- Tax withheld versus tax paid by withholding agent: correct use of Boxes 7a, 8, 10 and 11
- The “12” series of boxes: which items are required to report your organization?
- The “13” series of boxes: which items are required to report the recipient of income?
- The “14” “15” and “16” series of boxes: when would you report an intermediary, a primary withholding agent or a payer other than your organization?
- The “17” series of boxes: Is state information required?
- Identify changes for 2023 which your organization will need to incorporate into year-end 1099 and 1042-S preparation
Marianne Couch, JD - Principal, Cokala Tax Information Reporting Solutions, LLC
Marianne Couch, JD, a Principal in the Cokala Tax Group, is an advisor on U.S. federal information reporting compliance. She is a frequent lecturer at major tax conferences and the author of numerous published articles. She served for many years as Research Director of an information reporting and withholding consultancy where she chaired special training and advisory services provided to large organizations and academic and nonprofit institutions. She was previously a member of the IRS Information Reporting Program Advisory Committee (IRPAC), where she served as Chair of the IRPAC Subcommittee on Small Business and Self-Employed (SBSE) tax issues. In this capacity, she testified annually before the IRS Commissioner on issues of concern to the information reporting community. Marianne has previously worked as a litigator for a large Michigan law firm, where she represented individuals and large clients in many types of civil actions, and formerly served as a Research Attorney for the Michigan Court of Appeals.
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