Form 1042-S: Withholding on Foreign Person's U.S. Income
Electronic Filing Requirements, Form Revisions, Avoiding Filing Errors, Credit Disallowances, and Audit Penalties
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers with a thorough and practical guide to preparing Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding, including the new reporting requirements. The panel will incorporate recent form revisions. The webinar will also review common mistakes and offer ways to reduce IRS scrutiny and mitigate late filing or non-filing penalties.
Outline
- Background
- When withholding and Forms 1042, 1042-S, and 1042-T are required
- Payments to foreign persons subject to federal withholding tax
- Form revisions
- Exemptions
- Reporting treaty positions
- Completing the Form 1042-S
- New IRS enforcement initiatives
- Avoiding noncompliance penalties
Benefits
The panel will examine these and other relevant topics:
- New electronic filing requirements
- Anticipating and avoiding common errors that tax professionals make when preparing Form 1042-S
- How are lag payments treated?
- Identifying triggers and issues that could lead to an audit
- Recent revisions to Form 1042-S
Faculty
Jerry Khan
Managing Director, Information Reporting & Withholding Tax
KPMG US
Mr. Khan has extensive experience with information reporting and withholding tax documentation, reporting, and project... | Read More
Mr. Khan has extensive experience with information reporting and withholding tax documentation, reporting, and project management. He specializes in both the regulatory and compliance aspects of global operational taxes, such as U.S. qualified intermediary, FATCA, and CRS rules, with an emphasis on the practical and procedural requirements of back-office tax operations. Mr. Kahn has considerable experience in business process re engineering, automation developments, and controls design for global operational tax systems. He has assisted some of the world’s largest banks and custodians to understand the U.S. FATCA and AEOI regimes and worked with these financial institutions to develop processes and procedures to help ensure compliance. Mr. Kahn also has experience with IT systems integration, architecture design, and existing system enhancements. This includes interfacing with IT developers, database administrators, and systems administrators in writing business requirement documents, functional specification outlines, UAT test scripts, and resolving testing and end-user issues.
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Viraj Menon
Tax Manager, Information Reporting & Withholding Tax
KPMG US
Mr. Menon is a manager in KPMG’s Information Reporting and Withholding practice. His engagement portfolio... | Read More
Mr. Menon is a manager in KPMG’s Information Reporting and Withholding practice. His engagement portfolio includes Form 1099/1042-S payment reporting, tax documentation due diligence review, FATCA/CRS (AEOI) compliance filings and associated consulting issues, cost basis reporting (Form 1099-B), and Withholding Foreign Partnership (WFP) compliance activities. Mr. Menon primarily focuses in assisting multinational financial institutions with their annual payment and account reporting compliance obligations, and in providing tax technical consulting guidance to clients on associated issues. He also assists clients with governance matters related to Information Reporting and Withholding requirements, including analysis of existing processes to identify compliance risks, the development and implementation of target operating models, and the drafting of policies and procedures documents. Mr. Menon received his Master of Laws (LLM) in Taxation from Northwestern Pritzker School of Law, his Juris Doctorate from Washington University School of Law, and his Bachelor of Arts from the University of California at San Diego.
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Elis A. Prendergast
Managing Director, Information Reporting & Withholding Tax
KPMG US
Mr. Prendergast is part of the firm's Information Reporting and Withholding practice. He has considerable... | Read More
Mr. Prendergast is part of the firm's Information Reporting and Withholding practice. He has considerable experience advising financial institutions on information reporting and withholding related issues arising out of FATCA, the Non-Resident Alien withholding (chapter 3 of the Internal Revenue Code), and the Backup withholding (chapter 61 and 3406 of the IRC). He also advises clients with respect to non-U.S. reporting regimes such as, the U.K. provisions commonly known as the Crown Dependencies & Overseas Treasuries (CDOT), and the Standard for Automatic Exchange of Financial Account Information in Tax Matters (commonly referred to as the Common Reporting Standard, or CRS). Previously, he held an operational tax position at a global custodian, The Bank of New York Mellon, where he played a role in documentation validation, withholding and remittance, and the annual reporting process.
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