IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

Beyond Form 1042 Compliance: International Withholding Requirements (OnDemand Webinar)

$149.00

SKU: 411300EAU

Description

Ensure you are in compliance with the filing deadlines and withholding tax deposit requirements related to Form 1042.Join us for a comprehensive session on the intricacies of withholding on FDAP income and related topics, including the latest updates on electronic filing requirements for 2023 tax filings. Delve into the imposition of withholding under Sections 881, 1441, and 1442, and gain a clear understanding of the status of income recipients based on residency and entity type. Explore the sourcing rules for various FDAP income categories, including interest, dividends, royalties, and compensation for services. Learn about the requirements and benefits of tax treaties, including beneficial rates and the LOB provisions. Discover the special rules for partnership withholding, forms such as 1042, 1042S, and W8, and the potential penalties for noncompliance. Don’t miss this opportunity to enhance your knowledge and stay uptodate with the latest regulations, including the new electronic filing requirements for 2023 tax filings. Register now for an insightful session that will empower you to navigate the complex world of withholding on FDAP income.

Date: 2024-02-26 Start Time: End Time:

Learning Objectives

New E-File Requirements
• Applying New Regulations
• 1042 Electronic Filing
• 1042-S Electronic Filing
• Penalties and Risks

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

Penalties
• Failure to File
• Late Filing

AIPB ,CLE (Please check the Detailed Credit Information page for states that have already been approved) ,ISM ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Michael Campbell, CPA-Crowe LLP, Adrian Kunina – Crowe LLP

IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

Beyond Form 1042 Compliance: International Withholding Requirements (OnDemand Webinar)

$219.00

SKU: 408367EAU

Description

Ensure you are in compliance with the filing deadlines and withholding tax deposit requirements related to Form 1042S.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 1042S. The complexity involved in reporting payments to foreign persons is far greater. While a U.S. person would provide the same W9 regardless of entity or payment type, a foreign person could provide one of several W8s (e.g., W8BEN, W8BENE, W8ECI) 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 W8s 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 1042S, withholding tax deposit requirements, and any penalties and interest related to lack of compliance.

Date: 2021-04-29 Start Time: End Time:

Learning Objectives

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

AIPB ,CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Enrolled Agents ,ISM ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Michael Campbell, CPA-Crowe LLP, Robert L. Dykema – Crowe LLP, Brandon Harrell – Crowe LLP

IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

Beyond Form 1042 Compliance: International Withholding Requirements (OnDemand Webinar)

$219.00

SKU: 406673EAU

Description

Understand the impact of international withholding tax on your business and how you can reduce your tax obligations.Understand the impact of international withholding tax on your business and how you can reduce your tax obligations. As more companies, even relatively small ones, go global, setting up businesses and customers is almost always the first order of business. Many of the administrative functions, such as tax compliance, follow later, sometimes much later. Often, foreign affiliates are created to facilitate business overseas. A number of business transactions flow from the international effort. These transactions often have tax consequences. The objective to this insightful topic is to identify the global withholding tax consequences of engaging in international business commerce. Once identified, methods to reduce and even eliminate withholding tax obligations will be covered. If your organization conducts international commerce, this topic is for you.

Date: 2019-08-01 Start Time: End Time:

Learning Objectives

Overview of Global Withholding Tax
• The Need for International Withholding Tax
• Recent Changes Related to the U.S. Federal Tax Cuts and Jobs Act of 2017
• Major Withholding Tax Regimes
• How to Avoid Withholding Tax • Permanent Establishment

Building Blocks for Global Withholding Tax Compliance and Planning
• Understanding the Organizational Structure
• Accounting
• Timely Compliance

The Role of International Tax Treaties
• Treaty Provisions
• Using Income Tax Treaties

Considerations Related to the U.S. Federal Tax Cuts and Jobs Act of 2017
• Global Intangible Low Tax Income (GILTI)
• Base Erosion Anti-Abuse Tax (BEAT)
• Foreign Derived Intangible Income (FDII)

Withholding Tax Optimization
• Avoid Risks and Overpayments
• Using Withholding Tax Credits and Deductions
• Audit Documentation
• International Planning to Minimize Tax and Withholding

CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Ryan Gaglio-Stradling Yocca Carlson & Rauth, P.C., John P. Garcia, CPA, M.B.A. – Corporate Tax Advisors