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  • April 29
  • 1:00 - 2:40 pm EST

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OnDemand Course

Beyond Form 1042 Compliance: International Withholding Requirements

April 29

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.

Learning Objectives

  • You will be able to explain the implication of income tax treaties on U.S. withholding.
  • You will be able to identify U.S. source payments that are subject to withholding.
  • You will be able to recognize reportable payments to foreign parties by U.S. companies.
  • You will be able to review Forms 1042, 1042-S, and W-8.

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Why Lorman?

Over 34 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

Imposition of Withholding on FDAP Income
  • 881 Discussion
  • Brief Discussion of 882 ECI and Differences From FDAP
  • 1441 and 1442 Discussion
  • Status of Income Recipient (Resident vs. Nonresident; Individual vs. Entity, Substantial Presence Test)
Sourcing of FDAP Income
  • Interest
  • Dividends
  • Royalties
  • Compensation for Services
  • Other Income and Payments
Treaties
  • Requirements to Qualify and Residence
  • Beneficial Rates on FDAP Income
  • LOB Provisions
Special Rules for Partnership Withholding
  • General Withholding of FDAP Income
  • Lag Method Reporting Requirement (Distributive Share of FDAP Withholding When K-1 Provided vs. Due Date)
  • Withholding of ECI From Foreign Partners of Domestic Partnerships
  • Foreign Partnerships – Withholding Agent/Withholding Statement Issues
  • Forms 8804, 8805, and 8813
Forms (Generally)
  • 1042
  • 1042-S
  • W-8 Forms
  • E-File Requirements
Penalties
  • Failure to File
  • Late Filing
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Why Lorman?

Over 34 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

OnDemand Course

This course was last revised on May 21, 2018.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • AL CLE 1.7
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.7 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • NH MCLE 1.7
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 100 Minutes.
     
  • NJ CLE 2.0
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 2.0 hours of total CLE credit.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 2.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of CLE credit.
     
  • WI CLE 2.0
     
  • This program has been approved by the Board of Bar Examiners for 2.0 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 2.0
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 2.0 MCLE hours.
     
  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     
  • CAPP/CAPA
     
  • This is an IAPP qualifying continuing education activity.
     
  • ISM 1.5
     
  • Participants who successfully complete this program will receive 1.5 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
     
  • CPE 2.0 including Accounting 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Accounting for 2.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Who should attend?

This live webinar is designed for accountants, CFOs, controllers, tax managers, tax preparers, presidents, vice presidents, bookkeepers, purchasing professionals, enrolled agents, accounts payable professionals, importers, exporters, and attorneys.

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Why Lorman?

Over 34 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

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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Why Lorman?

Over 34 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: 408367
Published 2018, 2021
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