Foreign Vendors: How to Identify Foreign Status and How to Determine Tax Withholding Requirements | Product

Does your organization make payments to foreign vendors?  The Form 1042-S tax reporting and tax withholding rules are extremely complex and failure to withhold from payments when required results in the required amount becoming a tax liability of the payer.  This program will address the essential regulatory requirements for U.S. federal income tax withholding and Form 1042-S filing, plus a review of the new versions of IRS forms used by foreign vendors to certify their status.  

Learning Objectives:

• Identify the types of payments and vendors subject to Form 1042-S reporting and withholding
• Identify the basic determinants of income “sourcing”
• Learn how Forms W-8BEN, W-8BEN-E and W-8IMY are used in certification of foreign status
• Identify when tax withholding is required and when and how to meet federal tax deposit requirements