FMN Accounting  |  Format: Flash

Federal Income Tax Withholding on Foreign Persons: Forms 1042 and 1042-S

Course Overview
In recent years, healthcare costs have been increasing exponentially for employers, and the burden on the workforce has reached a point where health benefits are losing ground in the hiring and retention process. Even though the affordability of healthcare may have a direct correlation with one�s salary, annual salary increases, if any, are not nearly enough to absorb the even faster growing healthcare costs. In addition to the rising costs, annual deductibles are often north of $1,500, and as a result, lower income workers and families opt out of insurance coverage. Matt Wolf, Director, Health Care Senior Analyst with RSM US LLP discusses some of the key factors driving those increases.

Learning Objectives
Upon successful completion of this segment, you should be able to:

  • Identify who is subject to Form 1042 and 1042-S filing requirements;
  • Differentiate between Form 1042 and 1042-S;
  • Determine those individuals that are required to comply with the Foreign Account Tax Compliance Act (FATCA); and
  • Identify the information return and tax return filing obligations of withholding agents according to Publication 515.

    Catalog Number: FMN1347-FM
    CPE Credits: 2 Registry / 2 QAS
    Author: FMN Online
    Advanced Preparation:
    Federal Income Tax Withholding on Foreign Persons: Forms 1042 and 1042-S
    Course Level: Update
    Field of Study: Taxes
    Content Partner: FMN Online
    QAS: QAS Certified based on 50 minute hours.
    Course Type: Self-Study
    Minimum Passing Grade: 70%
      You are allowed 2 attempts to pass the final exam in a 30 day period. You will be locked out of the final for 30 days after any second failure.
    Release/Expiration Dates: Apr 10, 2020 / Nov 14, 2021