Why You Should Review Form 1042 Before Filing Form 1042-S
When it comes to withholding and reporting payments to foreign persons, many filers focus on Form 1042-S—the statement issued to nonresident recipients. But before preparing and transmitting those 1042-S forms, it’s critical to review your Form 1042 first. Why? Because Form 1042 is the summary return that ties all your 1042-S activity together. If your […]
Understanding the Codes and Fields on IRS Form 1098-T
If you’re a student or the parent of a student, you’ve likely received IRS Form 1098-T, the Tuition Statement. This form is issued by eligible educational institutions to help taxpayers and the IRS determine eligibility for education tax credits such as the American Opportunity Credit (AOC) and the Lifetime Learning Credit (LLC). Let’s break down […]