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

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    Speaker: Miles Hutchinson


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    Duration: 120 Minutes
    Product Code: 51053
    Level: Intermediate

OVERVIEW

Do you have a plan to deal with the 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

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 payers – form 1042-S. This time-consuming reporting obligation can be streamlined in a number of ways. Join us to learn more.

AREAS COVERED

•  Ensure compliance with IRS information reporting and backup withholding on NRAs
•  Understand how to manage non-resident alien payee' tax issues efficiently
•  Develop an effective plan to improve your company's regulatory compliance
•  How to determine whether Non-resident Aliens are working for you
•  The five variations of Form 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

LEARNING OBJECTIVES

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.

WHO WILL BENEFIT

This webinar will be invaluable for;

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

SPEAKER

Years of Experience: 35+ years

Areas of Expertise: Financial Analysis and Modeling, Accounting, Strategic Planning, and Compliance with the Sarbanes-Oxley Act

Miles Hutchinson is a CGMA (Chartered Global Management Accountant) 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 2,000 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 has over 35 years of practical experience in strategic planning, analysis and reporting. He is the author of several useful reporting and tax tools. 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.

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