Common errors on Form 1042-S; IRS webcasts on the responsibilities of Tribal casinos

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IRS Clarifies Form 1042-S Requirements and Outlines Common Errors

Changes made to the Form 1042-S and its instructions may help withholding agents more accurately report income and withholding information on payments made to non-resident aliens. This article also includes common errors made by withholding agents that can be easily corrected.

ITG recorded webinars that help explain the responsibilities of Tribal casinos

Title 31 Bank Secrecy Act – Essentials for Casinos

• FinCEN

• Anti-money laundering program

• Currency Transaction Reports

• Suspicious Activity Reports

Tip Agreements for Native American Tribal Casinos

• Two types of tip agreements

• Benefits to Indian Tribal casinos

• Benefits to employees

• How to determine tip rates

• How to set up an ‘actual’ tip rate

Income Tax Withholding on Foreign Persons – Forms 1042-S and 1042

• Payments reportable on Form 1042-S

• Required withholding on Form 1042-S

• Documentation – Forms W-8BEN, 8233, etc.

• Form 1042 filing and deposits