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May 2017 » TPP | Time for a Withholding Tax...
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Megan L. Brackney, JD, LLM (Tax)
If it is not already on the schedule, CPAs should remember to talk to business clients about withholding on payments to nonresident aliens. A withholding agent who fails to withhold when required may be on the hook for the withholding tax liability, as well as potential penalties for failure to file Forms 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, and 1042-S, Foreign Person's U.S. Source Income Subject to Withholding. The IRS has been increasing enforcement in this area after forming a special group, the Foreign Payments Practice (FPP), in 2013 to focus on the administration and enforcement of the withholding rules.
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