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Form 1042 Reporting in Illinois

Are you prepared? The IRS has increased audits of 1042 reporting. In an increasingly global society, many U.S. payors are unknowingly subject to withholding tax obligations for payments to foreign individuals and entities. Understanding the rules for withholding on these payments can reduce your liability to the IRS. Purchase these reference materials and learn to identify when income is subject to withholding, evaluate the proper procedures to withhold and comply with the proper documentation. Order today to get the information you need to avoid potential IRS penalties. Benefits for You •Correctly determine the status of the income recipient •Determine what income is subject to withholding •Get tips on correctly completing Form 1042 as well as other related forms •Know your tax obligations and keep your organization audit-ready Learning Objectives •You will be able to discuss source of income rules. •You will be able to review status of income recipient. •You will be able to describe the Foreign Account Tax Compliance Act - FATCA. •You will be able to explain penalties.
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Why Lorman?

Over 29 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview
— John M. Kelleher, CPA
  • FDAP Income
  • Basic Withholding Requirements
  • Introduction to Relevant Withholding Forms
Source of Income Rules
— Kristin N. Hanson, CPA
  • Interest, Dividends, Rents, Royalties
  • Compensation
  • Investments in U.S. Real Property
  • Deposit Interest
Status of Income Recipient
— Ray Salvado, CPA
  • Resident vs. Nonresident
  • Individual vs. Entity
  • Beneficial Owner
  • The Role of Tax Treaties
  • Substantial Presence Test
  • Effectively Connected Income
Partnership Withholding and Reporting
— Kristin N. Hanson, CPA
  • Partnership Gross ECI
  • Distributive Share of ECI
  • FDAP Income
  • Actual Distributions
  • Forms 8804, 8805, 8813
Foreign Account Tax Compliance Act – FATCA
— John M. Kelleher, CPA
  • Chapter 3 vs. Chapter 4 Withholding
  • Foreign Financial Institutions
  • Nonfinancial Foreign Entities
Review and Completion of Forms
— Ray Salvado, CPA
  • Forms 1042/1042-S
  • Forms 8804, 8805, 8813
  • Forms W-8BEN
  • Forms W-8IMY
  • Forms W-8ECI
Penalties
— Kristin N. Hanson, CPA
  • Risks Related to Failure to File
  • Late Filing Penalties
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Why Lorman?

Over 29 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Online Manual

No credit available.

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Why Lorman?

Over 29 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

John M. Kelleher – Moderator

Crowe Horwath LLP

John M. Kelleher, CPA — Moderator

  • International tax partner with Crowe Horwath LLP
  • Practices inbound and outbound tax planning and compliance
  • Member of AIPCA and ILCPAS
  • M.S.T. degree, De Paul University, Chicago, Illinois
  • Can be contacted at 630-574-7878 or john.kelleher@crowehorwath.com

Kristin N. Hanson

Crowe Horwath LLP

Kristin N. Hanson, CPA

  • International tax manager with Crowe Horwath LLP
  • Practices inbound and outbound tax planning and compliance
  • Member of the AICPA and Illinois CPA Society
  • M.A.S. degree with tax emphasis, Northern Illinois University, De Kalb, Illinois
  • Can be contacted at 630-575-4618 or kristin.hanson@crowehorwath.com

Ray Salvado

Crowe Horwath LLP

Ray Salvado, CPA

  • International tax manager with Crowe Horwath LLP
  • Practices inbound and outbound tax planning and compliance
  • Member of the AICPA and Illinois CPA Society
  • B.S. degree in accounting, Northern Illinois University, De Kalb, Illinois
  • Can be contacted at 630-706-2025 or ray.salvado@crowehorwath.com
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Why Lorman?

Over 29 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 390026
Published 2013
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