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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. 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, and focus on new tax regulations on classifying income for cloud transactions and transactions involving digital content, and proposed regs for sourcing cloud transaction income.
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 2025 LIVE ONLINE Form 1042-S Level 1 class runs from 11a.m. to 5p.m. Eastern time and is offered on:
Thursday, October 16
Thursday, November 20
Standard class fee $480, or $440 if registrant’s company is a Cokala tax technical advisory support subscriber.
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. 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, and focus on new tax regulations on classifying income for cloud transactions and transactions involving digital content, and proposed regs for sourcing cloud transaction income.
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 2025 LIVE ONLINE Form 1042-S Level 1 class runs from 11a.m. to 5p.m. Eastern time and is offered on:
Thursday, October 16
Thursday, November 20
Standard class fee $480, or $440 if registrant’s company is a Cokala tax technical advisory support subscriber.