Form 1042-S Pre-Filing Checklist: Steps for Accurate Reporting and Penalty Avoidance

Share

Thursday, February 22, 2024 | 2:00PM - 3:45PM Eastern Time

Updates and changes impact your required Form 1042-S reporting to the IRS – due March 15 – of payments made in 2023 to foreign vendors, foreign contractors and consultants, foreign students, speakers, award recipients and others.  There’s increasing enforcement pressure for compliance in complete and accurate reporting of payments of U.S.-sourced income to non-U.S. entities and non-U.S. individuals: filing all Forms 1042-S required under the tax regulations and making certain that the 1042-S information balances with a fully completed Form 1042. In this program we’ll review:

  • Types of payments which require reporting on Form 1042-S 
  • Due dates for filing to the IRS and furnishing recipient copies 
  • Box-by-box explanation of the information reported on Form 1042-S 
  • Internal review to capture all Form 1042-S reportable payee data 
  • Section-by-section explanation of the information reported on Form 1042 
  • Cross-check and balancing for accurate reporting of withholding tax liabilities and deposits 
  • IRS inquiry letters sent when the 1042-S and 1042 reported information doesn’t balance. 

Learning objectives:

  • Identify Form 1042-S reportable payees and reportable information 
  • Balance your 1042-S form information with IRS Form 1042.

Featured speaker:

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.


Continuing education credits available!

iofm15_rgb_horiz-IOFMonly.jpg.small.300x300.jpeg Continuing Education for IOFM Certification

Receive 2 CEUs toward maintaining a certification with IOFM! IOFM's premier certification programs are designed to establish standards for the industry and recognize financial operations professionals who, by possessing related work experience and passing a comprehensive exam, have met stringent requirements for mastering the body of knowledge in their profession. Additional rules may apply, depending on your certification. See full guidelines here

nasba-credit.jpg.small.400x400.jpeg Continuing Professional Education for NASBA

Receive 1.5 CPEs towards a CPA license with NASBA. IOFM, A Diversified Business Communications Company, is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors (Sponsor number: 112048) State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. For more information about our NASBA CPE Policies, visit IOFM.com/nasba-cpe.


Accessibility Information:

IOFM is committed to accessibility. Disability-related accommodation requests for the live event (such as providing live captioning) should be sent to [email protected] by close of business the day before the live webinar. A captioned recording of this webinar can be made available upon request to [email protected].


Cancellation policy:

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]

Subscribe to our Monthly Insider

You may unsubscribe from our mailing list at any time. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500