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Beyond Form 1042 Compliance: International Withholding Requirements

 

Ensure you are in compliance with the filing deadlines and withholding tax deposit requirements related to Form 1042-S.

Most organizations have procedures in place to correctly and efficiently report certain payments to U.S. persons on Form 1099. However, far fewer organizations are as familiar with the process of reporting certain payments to foreign persons on Form 1042-S. The complexity involved in reporting payments to foreign persons is far greater. While a U.S. person would provide the same W-9 regardless of entity or payment type, a foreign person could provide one of several W-8s (e.g., W-8BEN, W-8BEN-E, W-8ECI) or even a Form 8233. In addition, the type of payments reportable may depend upon sourcing (foreign or U.S.), and the determination to withhold may depend upon an income tax treaty. Lack of adequate documentation and analysis can result in the payer of income being liable for the 30% withholding tax in addition to penalties and interest. This topic will help the persons responsible for payments to foreign persons navigate the myriad of W-8s available for documenting a payee as a foreign person. This material will help identify the type of payments reportable on Form 1042, including a broad overview of the sourcing rules which determine if a payment is U.S. or foreign source. The material will also provide guidance on determining if the payee should withhold on the payment and, if so, what is the proper withholding rate. This includes the role of income tax treaties. Finally, the information will discuss filing deadlines related to Form 1042-S, withholding tax deposit requirements, and any penalties and interest related to lack of compliance.

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Beyond Form 1042 Compliance: International Withholding Requirements

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Beyond Form 1042 Compliance: International Withholding Requirements

Faculty

Michael Campbell, CPA

Michael Campbell, CPA

Crowe LLP

  • Senior Manager at Crowe LLP
  • U.S. international tax and tax technology specialist
  • Head of Crowe Global Tax Services Technology Pillar
  • Implemented electronic filing system for 1042-S forms
  • Worked in Fortune 500 tax department
  • Experience working with clients in a variety of industries
  • Can be contacted at 404-442-1674 or [email protected]
Robert L. Dykema

Robert L. Dykema

Crowe LLP

  • Senior Manager at Crowe LLP
  • A global tax specialist
  • Experience of ten years
  • Work in a variety of industries including the M&D and PEG space
  • Experience in both U.S. inbound and outbound taxation
  • Extensive expertise in Form 1042-S compliance, PFICs, & FTC
  • Experience in the new GILTI, FDII and BEAT tax regimes
  • Assisted a variety of business with A/P processing and Form 1042-S reporting
  • B.B.A. degree, Grand Valley State University
  • Can be contacted at 616-242-6193 or [email protected]
Brandon Harrell

Brandon Harrell

Crowe LLP

  • Senior Associate at Crowe LLP
  • An international tax specialist
  • Experience in both U.S. inbound and outbound taxation and associated tax planning
  • Experience with GILTI, FDII and BEAT tax regimes
  • Experience with U.S. international reporting, including Forms 5471, 1118, 8891, 8992, and 8993
  • Licensed member of the Florida Bar
  • College of Law Graduate, Florida State University
  • Can be contacted at 404-495-7068 or [email protected]
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Beyond Form 1042 Compliance: International Withholding Requirements

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