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.
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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
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
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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 February 26, 2024.
Call 1-866-352-9540 for further credit information.
- AIPB 1.0
- This program is acceptable for 1.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- HI CLE 1.0
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- NH MCLE 1.0
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 61 Minutes.
- NJ CLE 1.3
- This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.3 hours of total CLE credit.
- PA CLE 1.0
- This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WI CLE 1.0
- This program qualifies for 1.0 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
- WV MCLE 1.3
- This program has been approved by the West Virginia State Bar MCLE Commission for 1.3 MCLE hours.
- ISM 1.0
- Participants who successfully complete this program will receive 1.0 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
MP3 Download
- Arizona CLE 1.0
- CA MCLE 1.0
- CT CLE 1.0
- HI CLE 1.0
- NJ CLE 1.3
- VT CLE 1.0
- WV MCLE 1.3
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
Michael Campbell, CPA
Crowe LLP
- Senior Manager at Crowe LLP
- U.S. international tax and tax technology specialist
- Head of Crowe International 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 [email protected] or 404-442-1674
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
- Can be contacted at [email protected] or 810-772-3766
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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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