Gain a better understanding of reporting, filing, and tax deposit requirements of a withholding agent.
Understanding the responsibilities and reporting requirements for U.S. persons making payments to foreign individuals and entities (i.e., withholding agents) is crucial. It ensures that those responsible for handling U.S. source income for foreign payees properly withhold taxes before making payments. Additionally, those advising on these matters will be better equipped to implement procedures that help avoid common filing errors, penalties, and interest due to late filing or payment of withheld taxes.
Learning Objectives
- You will be able to describe the reporting, filing and tax deposit requirements of a withholding agent.
- You will be able to discuss what are Chapter 3 and Chapter 4 payments subject to withholding.
- You will be able to identify which persons and entities are subject to withholding on U.S. source income.
- You will be able to review withholding certificates and determine if there are indicia that requires additional documentation to prove a person’s and entity’s status.
Agenda
Introduction
- Current Withholding System
- Imposition
- Purpose
- Reporting
Origins
- History of the U.S. Tax Withholding System
Definitions
- Non-Resident Alien
- Withholding Agent
- Beneficial Owner
- FDAP
- Withholdable Payment
- Flow-Through Entity
- Foreign Financial Institution
Withholding Agent Responsibilities
- Step 1. Determine U.S. or Foreign Status
- Step 2. Determine Payment Type
- Step 3. Determine Withholding
- Step 4. Reporting and Remitting
Reporting
- Form 1042
- Form 1042-S
- Reporting Obligation
- Filing and Due Dates
- Tax Deposits
Speakers
Jack Brister,
International Wealth Tax Advisors- Managing member and founder of International Wealth Tax Advisors
- Over 30 years of experience in forensic accounting, international tax and tax law
- Formed International Wealth Tax Advisors (IWTA) in 2015 after leading the international tax division at Deloitte and Touche
- Specializes in wealth-retention strategies for international investors, multinational businesses, family offices, and U.S. taxpayers working and living abroad
- Renowned in both the legal and accounting community as a preeminent expert on foreign trusts and estate taxation
- Sought-after industry trainer and webinar leader; international speaker for STEP and other organizations
- Former forensic accountant for U.S. Internal Revenue Service’s Criminal
Investigation Unit
- Regular author/contributor on international tax and the U.S. tax system to JD Supra, the business-to-business daily - circulation >500,000
- Member of STEP, NYSSCPA, and EACCNY; board member, Laura Pels International Foundation for Theater
- Can be contacted at jbrister@iwtas.com
Who Should Attend
This live webinar is designed for accountants, tax managers, tax preparers, accounts payable professionals, CFOs, controllers, enrolled agents, business managers and owners, presidents, vice presidents, CEOs, operations managers, and consultants.
