The Form 1042-S & W-8 Update –Complying with IRS Information Reporting for Nonresident Aliens

Duration 90 Mins
Level Basic & Intermediate & Advanced
Webinar ID IQW20L1223

In just ninety minutes you will gain the following insights:

  • Ensure compliance with IRS information reporting and backup withholding requirements for NRAs
  • Understand how to manage nonresident alien payee' tax issues efficiently
  • Develop an effective plan to improve your company's regulatory compliance
  • How to determine whether Nonresident Aliens are working for you
  • The five variations of Forms W-8, including the most recent addition -  W-8BEN-E
  • How to determine which W-8 to provide to the NRA
  • How NRA individuals must support their claim of exemption from withholding
  • The best way to handle questions from NRAs who do not understand your requests or the forms
  • Tax treaties and how to use them to confirm a claim of exemption from or reduced rate of backup withholding
  • How to make your backup withholding deposits timely and keep the IRS from confusing them with your payroll tax and other withholding deposits
  • Form 1042-S and related forms for filing and reporting backup withholding on the Annual Withholding Tax Return

 

Overview of the webinar

Do you have a plan to deal with IRS demands for backup withholding if you failed to deduct from payments to Nonresident Aliens' (NRAs)? The IRS is working hard to reduce the delinquent tax burden. They know companies are becoming relatively compliant with 1099 reporting, but they also understand that companies and their advisors are less sure when it comes to identifying and performing backup withholding on NRAs. Collecting the tax due from NRAs working in the U.S. is an IRS Tier 1 audit issue. This tax burden is minimized when companies making payments to NRAs for both dependent and independent personal services properly withhold these payments.

This course is essential for all professionals in the industry, NGOs, schools, public practice, and government who are responsible for filing or overseeing information reporting compliance and related issues.

Who should attend?

  • Bank Managers
  • Compliance Officers
  • Information Reporting Officers
  • Tax Managers
  • CFOs
  • Controllers
  • Accounting Managers
  • Auditors
  • IT Managers
  • Compliance Managers
  • Risk Managers

Why should you attend?

Join this webinar to obtain the knowledge necessary to identify your NRA payees and bring your company into compliance with the 30% backup withholding requirements. After this program, you can develop an effective plan to move your company, institution, or clients toward complete regulatory compliance, efficiency improvements, standardized processes, and adequate documentation, to ensure NRAs are properly handled according to IRS and tax treaty regulations. You will learn how to use the treaties and best practices to confirm exemption claims made by your NRAs with the IRS.

Faculty - Mr.Miles Hutchinson

Miles Hutchinson is a CGMA and experienced businessman. He has been an auditor with PriceWaterhouseCoopers and the Chief Financial Officer of a $1 billion real estate development company. Miles is a highly sought after professional speaker and consultant who has presented over 1000 seminars and training sessions on a myriad of business and financial topics, such as financial analysis and modeling, accounting matters, strategic planning, and compliance with the Sarbanes-Oxley Act. His clients include Abbott Labs, Citicorp, the FBI, GE, Pfizer and the US Marine Corps.

Credits

ComplianceIQ is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1.5] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.

HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org

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