Audio Conferences

  February 22, 2006 at 02:00PM ET

Form 1042-S, used to report a foreign person’s U.S. source income subject to withholding, is one of the more complex forms you’ll encounter as an AP professional. The reporting details can be mind-boggling.

On top of this complexity, the Internal Revenue Service has officially begun a large enforcement effort involving withholding and reporting compliance for payments to nonresident aliens. 1042-S penalties can be severe – up to $250,000! And that’s just the reporting penalty. This amount does not include back-taxes, interest on the back-taxes, and penalties for late-deposit of the taxes.

How confident are you that your 1042-S procedures are underpinned by a solid foundation? Join IOMA and Balance Consulting for this informative audio conference. Tax information reporting expert Marianne Couch will explain many basic terms and concepts to help you understand the world of Form 1042-S reporting. In just 90 minutes, you’ll gain insight into what the IRS expects when you make a payment to a nonresident alien, plus this program will provide you with an overall framework for handling Form 1042-S that can be tailored to your individual situation!

Dial in and Learn:

• Who's who? Is your payee a U.S. or non-U.S. person?
• What's reportable? A look at the income-sourcing rules.
• Documentation -- the Forms W-8, W-9, and 8233
• What's offered by tax treaty benefits?
• Do you need to withhold tax?
• Depositing withheld taxes
• The Form 1042 and Form 1042-S
• IRS audit and enforcement

FEATURED FACULTY:

Marianne Couch, Esq. Research Director, Balance Consulting, Inc.

Marianne Couch is Director of Research at Balance Consulting. She is a licensed attorney and an experienced presenter of tax information reporting educational programs. She has been a member of the faculty at the IAPP Annual Forum and IOMA Accounts Payable conferences. She is a member of IRPAC, the Information Reporting Program Advisory Committee to the Internal Revenue Commissioneer.