EY - Completing your 2015 Forms 1042/1042-S

EY Tax Webcast

The major changes all filers need to know before completing your 2015 Forms 1042/1042-S

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Most companies are in the midst of preparing Forms 1042-S, Foreign Person’s US Source Income Subject to Withholding, to report payments made to non-US persons in 2015.

However, the 2015 Form 1042-S is very different from the 2014 form, and so is the 2015 Form 1042.

The introduction of the Foreign Account Tax Compliance Act (FATCA) and the conforming changes to the nonresident alien reporting and withholding rules have caused most of the changes made to the Form 1042 and 1042-S. It is important for the filer to understand these changes and the new obligations imposed to ensure proper reporting for 2015.

Please join us for a practical discussion about how to properly complete the 2015 forms, the most common mistakes filers make and a focus on specific industry issues. During the webcast we will review:

  • Significant changes to the Forms 1042 and 1042-S
  • Helpful tips for completing the forms properly
  • How to convert the information on Forms W-8 onto a Form 1042-S
  • Sample scenarios often seen by:
    • Any non-financial service company making payments to foreign vendors, shareholders, lenders and board members
    • Banks
    • Asset management groups
    • Insurance companies

During this live, interactive webcast, you will have the opportunity to ask questions through the website, and the panelists will answer as many of your questions as time permits.

 

Panelists

Alexandra Cruz

Ernst & Young LLP, Financial Services Office

Alexandra Cruz is a Senior Manager in the Information, Reporting & Withholding practice of Ernst & Young LLP’s Financial Services Office in New York. Alexandra works with large asset management and banking organizations with both domestic reporting and withholding issues (i.e., Forms 1099 and backup withholding) and nonresident alien reporting and withholding issues (i.e., Forms 1042-S and section 1441 withholding). For the past five years Alexandra has been primarily focused on FATCA and its impact on the asset management industry.

Alexandra earned a BA from the City University of New York at Hunter College, and a JD from Hofstra University School of Law. She is admitted to the bar in the state of New York.

George Fox

Ernst & Young LLP, Financial Services Office

George Fox is an Executive Director in Ernst & Young LLP’s Financial Services Office tax practice. He has more than 25 years of experience in the information reporting and withholding area and is responsible for assisting clients with related issues. His services include related compliance audits, IRS examinations, due diligence reviews, and reasonable cause studies.

Prior to joining Ernst & Young LLP, George worked in another public accounting firm’s information reporting and withholding tax practice for approximately 13 years. Previously, he worked for a major regional financial institution for which he implemented an information reporting and withholding tax compliance program that encompassed various segments including bond trading desk operations, commercial paper, international letter of credit and acceptance transactions, loan participations, financial products, corporate trust operations, and international operations.

George received a B.S.B.A. in accounting from Georgetown University, a J.D. from Georgetown University Law Center, and an LL.M. from the University of Miami School of Law.

Philip Garlett

Ernst & Young LLP, Financial Services Office

Philip Garlett is an Executive Director at Ernst & Young LLP. He focuses on international and U.S. information reporting and withholding matters.

Prior to joining EY, Philip was a partner in the law firm of Burt, Staples & Maner, LLP, in Washington, D.C. Before that, he was the Special Counsel to the Deputy Associate Chief Counsel (Strategic International Programs) and the Deputy Associate Chief Counsel (International Field Service and Litigation) within the IRS’s Office of Associate Chief Counsel (International). Philip has over 20 years of experience working with international banks, brokers, clearing organizations, and multinational corporations on both international and U.S. information reporting and withholding issues. He is a frequent speaker at conferences on these topics.

Philip received his J.D. and LL.M. (Taxation) from the New York University School of Law and a Bachelor of Arts degree from The Johns Hopkins University.

Todd Larsen

Ernst & Young LLP, Financial Services Office

Todd Larsen is a member of Ernst & Young LLP’s tax practice and focuses on tax information reporting and withholding, as well as IRS practice, procedure and controversy. He advises financial service and non-financial service clients in all aspects of information reporting and withholding, with a focus on the Foreign Account Tax Compliance Act (“FATCA” or “Chapter 4 withholding”), non-resident alien reporting and withholding issues (i.e., Forms 1042-S and section 1441 withholding, or “Chapter 3 withholding”), domestic reporting and backup withholding issues (i.e., Forms 1099), Qualified Intermediary audits and requirements, and reporting and withholding compliance reviews and remediation.

Todd is currently leading the firm’s practice for FATCA as it applies to non-financial companies. He has advised multinational clients in many industry sectors to understand FATCA implications to them and to implement the necessary changes within the organization for FATCA compliance.

Dawn McGuire

Ernst & Young LLP, Financial Services Office

Dawn McGuire is a Senior Manager in the FSO Tax practice of Ernst & Young LLP focusing on Tax Information Reporting and Withholding (IRW). She is based in the Boston area, has over a dozen years of professional services experience in her specialty, and is a core member of the EY Center for Excellence in Information Reporting and Withholding. She advises insurance companies, financial service organizations and non-financial institution payors that face substantial information reporting and withholding challenges regarding payments to participants, clients, investors, and vendors.

She has significant experience with domestic reporting and withholding (Forms 1099 and backup withholding), nonresident alien reporting and withholding (Forms 1042-S and Sec. 1441 withholding), the Foreign Account Tax Compliance Act (FATCA), as well as the OECD’s Common Reporting Standard (CRS).

Moderator

Debbie Pflieger

Ernst & Young LLP, Director of Information Reporting and Withholding Services

Debbie Pflieger joined Ernst & Young LLP in November 2005 and is a Principal in its Financial Services Organization. Debbie leads the firm’s Tax Information Reporting and Withholding Services Team and consults with clients in the information reporting and withholding arena, assisting them in determining and complying with their many obligations in this area. Debbie focuses on domestic reporting and withholding issues (i.e., Forms 1099 and backup withholding), nonresident alien reporting and withholding issues (i.e., Forms 1042-S and section 1441 withholding), and the Foreign Account Tax Compliance Act (“FATCA”).

Debbie received a BS in Government from Georgetown University, a JD from Georgetown University Law Center, and an LL.M. in Taxation from New York University. She served as a member of IRS’ Information Reporting and Advisory Committee from 1997 through 1999, and was chairperson of the Committee in 1998. She is also a past chair of the AICPA’s Relations with the IRS Committee, and was the chair of the AICPA’s Tax Shelter Regulations Task Force and its Securities Basis Reporting Task Force. Debbie is a popular speaker amongst external groups who focus on information reporting issues.