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, 1042-S, and W-8, and the potential penalties for non-compliance. Don’t miss this opportunity to enhance your knowledge and stay up-to-date 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.
Learning Objectives
- You will be able to discuss withholding of ECI from foreign partners of domestic partnerships.
- You will be able to identify potential penalties and risks associated with non-compliance.
- You will be able to understand general withholding principles for FDAP income in partnerships.
- You will be able to explain the consequences of failure to file and late filing regarding tax obligations.
Agenda
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
Speakers
Michael Campbell, CPA,
Crowe LLP- Senior Manager at Crowe LLP
- U.S. international tax and tax technology specialist
- Head of Crowe Global Tax Services Technology Pillar
- Implemented electronic filing system for 1042-S forms
- Worked in Fortune 500 tax department
- Experience working with clients in a variety of industries
- Can be contacted at 404-442-1674 or Michael.campbell@crowe.com
Adrian Kunina,
Crowe LLP- International Tax Senior Associate at Crowe LLP
- International Tax Specialist with US Inbound and Outbound taxation experience. Experience with GILTI, FDII, and Foreign Tax Credit. Experience in US International reporting of various forms, including Form 5471, 1120-F, 8992, 8993, K2/K3, and 1118
- BBA from Western Michigan University. Majors in Accounting and Finance with a minor in Economics
Who Should Attend
This live webinar is designed for accountants, CFOs, controllers, tax managers, tax preparers, presidents, vice presidents, bookkeepers, purchasing professionals, enrolled agents, accounts payable professionals, importers, exporters, and attorneys.
