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ON-DEMAND Banking & Finance

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

Learn to identify nonresident alien payees, choose the right Form W-8, confirm treaty exemptions, deposit withholding correctly and file Form 1042-S to avoid penalties.

FormatRecorded sessionWatch any time
Length90 minutes
Miles Hutchinson Speaker Miles Hutchinson Finance trainer and consultant · CGMA
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Overview

Many companies are fairly compliant with 1099 reporting but less sure about identifying nonresident aliens (NRAs) and withholding on their payments. The IRS treats collection of tax owed by NRAs working in the U.S. as a Tier 1 audit issue, and proper withholding on payments for dependent and independent personal services keeps that exposure down.

This 90-minute webinar on nonresident alien reporting with Forms 1042-S and W-8 covers how to tell whether NRAs are working for you, the five variations of Form W-8 including the W-8BEN-E, and which form to give each payee.

You'll also learn how NRAs must support exemption claims, how to use tax treaties, how to make timely deposits, and how to file Form 1042-S and the annual withholding tax return.

Why attend: Getting NRA withholding wrong can lead to penalties for under-withholding and failure to report. This session helps you bring your company, institution or clients into compliance with the 30% withholding requirement and build standardized, well-documented processes. It suits CFOs, controllers, compliance, accounting, AP and tax managers, and staff and advisors who work with Forms W-8 and 1042-S in industry, NGOs, schools, public practice and government.

What’s covered

  • Determining whether nonresident aliens are working for you
  • The five variations of Form W-8, including the W-8BEN-E
  • Choosing which W-8 to give the NRA
  • How NRA individuals must support a claim of exemption from withholding
  • Handling questions from NRAs who do not understand your requests or the forms
  • Using tax treaties to confirm exemption or reduced-rate claims
  • Making timely withholding deposits and keeping them separate from payroll tax deposits
  • Form 1042-S and related forms for the annual withholding tax return
  • Avoiding penalties for under-withholding and failing to report NRAs

Who should attend

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

What you get

CertificateEmailed to each attendee after the session.
HandoutsSlides and checklists to reuse with your team.

About the speaker

Miles Hutchinson
Miles Hutchinson
Finance trainer and consultant

Experienced CGMA and businessman Miles Hutchinson will explain the best practices to help you ensure your W-9 information matches that of the IRS – before the 1099’s go out – even before making the first payment to a new vendor. He will show you how to handle the remaining B-Notices that sneak through in the most efficient manner and help ensure your company never has to pay a penalty for failure to comply with these burdensome regulatory requirements.

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