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

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 on these payments.

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

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.

Areas Covered in the Seminar:

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

Who Will Benefit:

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

Topic Background:

For years the IRS has struggled with the foreign independent contractor and tax collection.  In assessing opportunities to close the tax gap (taxes due but not reported or paid), one of the greatest opportunities comes from expanding the information reporting on taxpayers by payors – the 1042-S.  This time-consuming reporting obligation can be streamlined in a number of ways.  Join us to learn more…

Speaker(s)

Miles Hutchinson, CGMA

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 professional speaker and consultant who has presented over 2,700 seminars and training sessions on a myriad of business and financial topics, like financial analysis and modeling, accounting, strategic planning, and compliance with the Sarbanes-Oxley Act. He is recognized as an expert in payroll and sales & use tax as well as financial modeling & analysis, business strategy and communications. He is the author of several useful accounting and tax tools available at www.soxpolicies.com and www.salestaxadvisors.com. His clients include, Abbott Labs, Bank of America, Boston Scientific, Citicorp, Corning, the FBI, the FDA, the Federal Reserve, GE, Pfizer, Siemens, US Marine Corps, and the US Army. Please visit his web sites to see how you can further benefit from his expertise.

CEUs

Compliance Prime is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for PDC(s) for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit www.shrmcertification.org

Credits: 1.5

Compliance Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: https://www.nasbaregistry.org.

Credits: 1.0

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