Do you pay royalties to foreigners? If so you should be filing IRS Form 1042 for each payment (not form 1099 MISC).
Learn more about Form 1042 and what the IRS is looking for by attending the Accounts Payable Now & Tomorrow webinar “Preparing for Form 1042 Audit” on Monday October 26, 2009.
Register at: http://ap-now.com/1042audit.html
“Please join us for an information-packed 60 minutes on October 26, 2009 as Cyrus Daftary, an international tax and regulatory compliance expert :
Explains why tax withholding has become such a hot topic and what this means for your organization
Documents the cost of non-compliance
Reveals what you can expect during an audit
Shares insights into what the IRS really wants
Provides a better understanding of the IRS’ Internal Revenue manual
Tips for handling the audit process
Describes some validation tools being used today by major corporations”
The cost for this 60 minute semianr is $179, if you cannot attend you can order a CD of the webinar.
PS: If your roylty software does not track 1042 liabilities, your accounting software may. Kensai International; a book publishing consulting firm, recommends that publishers utilize software; such Dynamics GP, Dynamics NAV (see knkPublishing) or AcumenBook that can generate the required 1042 forms.