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.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on September 19, 2024.
Call 1-866-352-9540 for further credit information.
- AIPB 1.5
- This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
MP3 Download
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Jack Brister
Consultant
- Managing member and founder of International Wealth Tax Advisors
- Over 30 years of experience in forensic accounting, international tax and tax law consulting
- Formed International Wealth Tax Advisors (IWTA) in 2015 after leading the international tax division at Deloitte and Touche
- Specialized in servicing international private clients, foreign businesses desiring to do business in the U.S., and individuals working and living abroad
- Consults extensively for global clients on the state and local tax implications arising when foreign businesses establish operations in the U.S or plan on selling their products to U.S. consumers
- Renowned in both the legal and accounting community as a preeminent expert on foreign trusts and estate taxation
- Former forensic accountant for U.S. Internal Revenue Service’s Criminal Investigation Unit
- Frequently speaks and presents on international tax matters and is a regular contributor to JD Supra, the daily business-to-business publication for breaking news and expert information in legal, financial, business and tax news and compliance for the C Suite
- Member of STEP, NYSSCPA, and EACCNY; board member, Laura Pels International Foundation for Theater
- Can be contacted at [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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