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Basic tax compliance for the requirements to determine status, withhold U.S. tax and file IRS Form 1042-S for payments to foreign entities and foreign individuals. Includes a section on tax regulations for classifying income for cloud transactions and transactions involving digital content, and proposed regs for sourcing cloud transaction income. Addresses issues under Code chapter 3 (withholding at source) and chapter 4 (FATCA, the Foreign Account Tax Compliance Act). Includes review of Forms W-8 and 8233 for certification of status, rules for presumption of status in the absence of certification, federal deposit and Form 1042 filing for withholding tax liabilities.
Learning objectives:
Distinguish between payments to U.S. persons (reportable on Forms 1099) and payments to non-US persons (reportable on Forms 1042-S and 1042)
Recognize the required elements for validity of W-8 forms and Form 8233 which certify foreign beneficial owners of income
Identify payments reportable on IRS Form 1042-S
Determine federal income tax withholding
Cokala’s 2026 LIVE ONLINE Form 1042-S Level 1 class runs from 11a.m. to 5p.m. Eastern time and is offered on:
Thursday, October 15
Thursday, November 19
Class fee: $480
Basic tax compliance for the requirements to determine status, withhold U.S. tax and file IRS Form 1042-S for payments to foreign entities and foreign individuals. Includes a section on tax regulations for classifying income for cloud transactions and transactions involving digital content, and proposed regs for sourcing cloud transaction income. Addresses issues under Code chapter 3 (withholding at source) and chapter 4 (FATCA, the Foreign Account Tax Compliance Act). Includes review of Forms W-8 and 8233 for certification of status, rules for presumption of status in the absence of certification, federal deposit and Form 1042 filing for withholding tax liabilities.
Learning objectives:
Distinguish between payments to U.S. persons (reportable on Forms 1099) and payments to non-US persons (reportable on Forms 1042-S and 1042)
Recognize the required elements for validity of W-8 forms and Form 8233 which certify foreign beneficial owners of income
Identify payments reportable on IRS Form 1042-S
Determine federal income tax withholding
Cokala’s 2026 LIVE ONLINE Form 1042-S Level 1 class runs from 11a.m. to 5p.m. Eastern time and is offered on:
Thursday, October 15
Thursday, November 19
Class fee: $480