On-demand Webinar: Revisiting Backup Withholding — 2025 Updates and Form 1042-S Withholding

This session will review the concepts of backup withholding — something that is often not done, even though it needs to be. The consequences of not doing backup withholding can be financially disastrous, because the IRS will hold your organization liable for withholding that should have been done.

With Form 1099, backup withholding is required in 4 distinct situations, 2 of which often impact the typical AP department. Those 2 situations are: not having a TIN at the time you make the payment, and certain B-Notice situations. The IRS has studied this topic and found that 99.9% of backup withholding that should be done is not being done. That number is literal — it's 99.94% according to the IRS study. Put another way, only 0.06% of the backup withholding that should be done is actually done.

Form 1042-S opens up an entirely different concept for backup withholding. Withholding on payments subject to 1042-S is mandatory unless your payee uses tax treaty benefits on a W-8. International transactions are one of the most complex subjects in all of information reporting, and we will help demystify the subject. 

Topics:

1. Form 1099 backup withholding — what is it?
2. The mechanics of Form 1099 backup withholding
3. Examples, filled out forms
4. A cautionary court case on the dangers of not doing backup withholding when you're supposed to
5. International reporting — the generalities (Form 1042-S) and the specifics (backup withholding, tax treaties)
6. Up-to-the second updates for 2025, including a discussion of e-filing of Form 1042-S and e-filing (or not) of Form 1042

Featured Speaker

Jason Dinesen

Jason Dinesen, EA, is a distinguished tax professional and educator with a fervent passion for demystifying complex tax concepts. Jason is the founder of Dinesen Tax & Accounting, P.C. and Dinesen Tax Advisory, LLC in the tax and accounting world. He also is founder of Dinesen Media Ventures, which provides a diverse range of media content, ranging from continuing education programs for accountants and tax professionals, to podcast production to radio and journalism content. 

Recognized for his sharp tax interpretations, Jason is renowned for promptly analyzing the latest tax updates and IRS guidance, sharing his insights with the professional community. Over his career, he has educated more than 200,000 accounting, tax, and HR professionals on various topics. Form 1099 was the very first thing he ever taught on, on April 26th, 2012, at a Sheraton Hotel next to a Lowe's in West Des Moines, Iowa. He still teaches on 1099s and around 30 other tax topics.

Continuing education credits available!

 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. 

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:

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Phone: (207) 842-5557

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