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Lauramtshilumba
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Form 1042 Overview: Information Reporting and Withholding Requirements

FORM 1042 OVERVIEW: INFORMATION REPORTING AND WITHHOLDING REQUIREMENTS

Cost $15.00
Presentation Length 1.0 hour

Recorded DateMarch 3, 2023
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

This course is a time-saving tool that will help you get ready to file Forms 1042/1042-S. Recent changes in the law have made Forms 1042/1042-S filing requirements ever more complex. The cost to your organization can be significant if your team does not have the proper knowledge to handle these matters. 

In this course, Laura Tshilumba will guide you into identifying some of the more common problems related to documenting, validating, and reporting payee information using IRS Forms 1042/1042-S, while offering solutions and best practices for addressing related reporting issues.

You will learn best practices for validating forms W-8 and 8233 and avoiding reporting and withholding errors. We’ll review how to handle W-8 payee requests for treaty benefits, reduced withholding, and related 1042-S reporting. You cannot afford to miss this course if you prepare, review, and/or file Form 1042 for your organization or clients.

Learning Objectives:


  • Determine who is subject to Form 1042 reporting

  • Outline the tax profile of the payment recipient for payment classification and reporting

  • Identify red flags when reviewing payee tax status and their withholding certificates (W-8BEN, W-8BEN-E, W-8ECI, W-8IMY, W-8EXP, 8233, etc.)

  • Define the sourcing rules of the different types of payments to non-U.S. recipients 

  • Recall a basic understanding of 1042 withholding deposit rules

For more detail on the topics covered in this webinar, please consider attending FORM 1042-S: TAX PREPARATION TIPS AND TRICKS for detailed filing tips for the various 1042-S boxes and codes for you to accurately prepare and file Form 1042-S.
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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Lauramtshilumba

As a CPA with two decades of expertise in U.S. international taxation and an educator at heart, Laura is a presenter of NASBA-certified CPE courses on various international tax topics — helping tax professionals connect the dots between the tax law, the IRS tax forms, and their clients’ foreign financial assets and foreign income.

In her pursuit of becoming a healthy accountant who mentally, spiritually, and physically thrives in a high-demanding work environment, Laura became a certified health mindset coach and a certified integrative health nutrition coach. In 2021, she started her health and wellness business where she coaches executive women and women entrepreneurs into managing their stress levels and preventing burnout from high-pressure work and business environments, by implementing authentic self-care regimens that translate to high performance, greater visibility, leadership opportunities, and increased financial net worth. She also coaches high-achieving women to live in their now bodies, while improving their wellness without sacrificing their mental health or their favorite cultural foods. 

About Our Presenter

Lauramtshilumba
As a CPA with two decades of expertise in U.S. international taxation and an educator at heart, Laura is a presenter of NASBA-certified CPE courses on various international tax topics — helping tax professionals connect the dots between the tax law, the IRS tax forms, and their clients’ foreign financial assets and foreign income.

In her pursuit of becoming a healthy accountant who mentally, spiritually, and physically thrives in a high-demanding work environment, Laura became a certified health mindset coach and a certified integrative health nutrition coach. In 2021, she started her health and wellness business where she coaches executive women and women entrepreneurs into managing their stress levels and preventing burnout from high-pressure work and business environments, by implementing authentic self-care regimens that translate to high performance, greater visibility, leadership opportunities, and increased financial net worth. She also coaches high-achieving women to live in their now bodies, while improving their wellness without sacrificing their mental health or their favorite cultural foods.