2019 Master Guide to Form 1042-S (E-Book)
The 2019 Master Guide to Form 1042-S Compliance provides detailed instruction on new Regulations, Forms and Instructions issued in 2019; updates affecting this year’s reporting; an in-depth look at current rules (NFFEs, FATCA, ECI, and more); the W-8 form series and Form 8233 used to certify foreign status; when default 30% tax withholding applies; how income tax treaty benefits can be claimed to reduce tax withholding; and when and how to file Forms 1042-S and 1042. The book includes a full glossary, a compliance and year-end checklist, as well an appendix of forms, instructions and IRS guidance documents.
Payers must be able to identify their payees as U.S. or non-U.S. individuals or entities from initial contact with them, as well as determine whether payments made to them throughout the course of the year require withholding of U.S. tax and reporting to the IRS. Payments to foreign individuals and foreign entities are subject to regulations and withholding requirements entirely different from those which govern Form 1099 reporting.
Payers must be able to identify their payees as U.S. or non-U.S. individuals or entities from initial contact with them, as well as determine whether payments made to them throughout the course of the year require withholding of U.S. tax and reporting to the IRS.
Highlights and important updates in the 2019 edition include:
- IRS changes to the 1042-S form for reporting payments made in 2019
- New IRS enforcement campaigns to find payers that fail to withhold 1042 tax, fail to file all
- 1042-S and 1042 forms required, and improperly grant tax treaty benefits to foreign payees
- Regulatory changes which affect validity of some elements of Forms W-8
- IRS guidance on challenges including cloud transactions, digital content, virtual currencies
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