Form 1042-S Box-by-Box: Foreign Vendor IRS Reporting for 2023 | Product

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? 

Learning objective:

• Identify changes for 2023 which your organization will need to incorporate into year-end 1099 and 1042-S preparation