Casino Compliance: Managing W-2G and 1042-S Reporting for Gambling Winnings
Casinos in the U.S. have specific IRS reporting obligations when it comes to gambling winnings. The two primary forms involved are Form W-2G (for U.S. persons) and Form 1042-S (for nonresident aliens). Properly managing both is critical for regulatory compliance, audit readiness, and avoiding IRS penalties. 1. Form W-2G – For U.S. Citizens and Resident […]
How Educational Institutions Should Properly Report Form 1098-T for Tuition Statements
Educational institutions must use Form 1098-T, Tuition Statement, to report information about tuition and related educational expenses. This form helps students and the IRS determine eligibility for education tax credits like the American Opportunity Credit and the Lifetime Learning Credit. Here’s a clear breakdown of how schools should properly report Form 1098-T: Who Must File […]
Understanding IRS Form 1040-NR for Nonresident Aliens
IRS Form 1040-NR is used by nonresident aliens to report U.S. source income and calculate taxes owed or refunds due. It’s different from the standard 1040 used by U.S. residents. Who Should File Form 1040-NR? You may need to file if you are a nonresident alien and: Earned U.S.-based income (such as wages, scholarships, or […]
