Target Audience: CPAs, EAs, Annual Filing Season Program Participants
Field of Study: Taxation (NASBA); Federal Tax/Tax Related Matters (IRS)
IMPORTANT INFORMATION REGARDING CONTINUING EDUCATION CREDIT: THE IRS ACCEPTS THIS SEMINAR FOR ONE (1) CONTINUING EDUCATION CREDIT FOR ENROLLED AGENTS (EA) AND ANNUAL FILING SEASON PROGRAM (AFSP) PARTICIPANTS. Others, PLEASE CONSULT WITH YOUR RESPECTIVE STATE LICENSING AGENCY REGARDING ACCEPTABILITY OF THIS CREDIT.
Note: the credit received from this seminar qualifies as continuing education that is required to obtain the voluntary AFSP – record of completion. however, this website does not offer the AFSP annual federal tax refresher (AFTR) course.
IRS COMMUNICATIONS AND LIAISON 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 WEBSITE: WWW.LEARNINGMARKET.ORG
DISCLAIMER: THIS SEMINAR WAS FILMED IN Dallas, Texas, ON July 27, 2017, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.
Seminar Level: Beginner
The IRS Large Business & International Division presented this seminar at the 2017 IRS Nationwide Tax Forum.
In this session, we will look at the withholding requirements and Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons and Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding reporting obligations of a withholding agent under chapter 3 and chapter 4 of the Internal Revenue Code. The presentation discusses the most common errors, when and how to file an amended Form 1042-S and what is new for tax year 2017.
By the end of this presentation, you will be able to:
- Determine the reporting obligations of a Withholding Agent under Chapter 3&4 of the code for F1042-S and F1042
- List the most common Errors found on F1042-S and F1042
- Identify changes to F1042-S and F1042 for Tax Year 2017
- Accurately File an Amended F1042-S
- Determine how to report withholding in various transaction scenarios
No prerequisites or advanced preparation are required for this seminar.