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2018 Forms 1042/1042-S: it’s just not easy

February 13, 2019 @ 1:00 pm - 2:30 pm EST

Free

Participants of the live webinar will be eligible for 1.5 free CPE credit.

Register

It is time to focus on the preparation of 2018 Forms 1042-S, Foreign Person’s US Source Income Subject to Withholding, to report payments of US source fixed or determinable, annual or periodic income made to non-US persons in 2018, and Form 1042, Annual Withholding Tax Return for US Source Income of Foreign Persons.

As usual, there are changes from the prior year forms that filers need to know about.

The Foreign Account Tax Compliance Act (FATCA) and the conforming changes to the nonresident alien reporting and withholding rules have made Form 1042 and 1042-S reporting much more complicated. It is very important for withholding agents to understand how these forms should be completed so their filings are accepted by the Internal Revenue Service the first time, to avoid additional scrutiny and/or penalty assessments.

Please join us for a practical discussion about how to properly complete the 2018 forms and the most common mistakes filers make, with additional focus on specific industry issues. During the webcast we will review:

  • Significant changes to the 2018 Forms 1042 and 1042-S, including new codes
  • Helpful tips for completing the forms properly, especially “Section 2, Reconciliation of Payments of US source FDAP income”
  • When to include the foreign person’s foreign taxpayer identification number and date of birth
  • Sample scenarios often seen by:
    • Any company making payments to foreign vendors, shareholders, lenders and board members
    • Banks
    • Asset management groups
    • Insurance companies

During this live, interactive webcast, you will have the opportunity to ask questions through the website, and the panelists will answer as many of your questions as time permits.


Panelists


  • Phil Garlett, Financial Services Organization, Ernst & Young LLP
  • Todd Larsen, Financial Services Organization, Ernst & Young LLP
  • Maria Murphy, Financial Services Organization, Ernst & Young LLP

Moderator


  • Debbie Pflieger, EY Americas Information Reporting and Withholding Services Leader

Details

Date:
February 13, 2019
Time:
1:00 pm - 2:30 pm
Cost:
Free
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