Nonresident Alien Information Reporting Using Forms 1042-S And W-8

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.

AREA COVERED

• How to determine whether Nonresident Aliens are working for you
• The five variations of Forms W-8, including the new 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
• How to avoid the penalties for under-withholding and failure to report your NRAs

LEARNING OBJECTIVES

• 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

WHO WILL BENEFIT?

• CFOs, controllers, compliance managers, accounting managers, accounts payable managers, and tax managers, as well as any staff and professional advisors that deal with Forms W-8 and 1042-S