Nonresident Alien W-8 & 1042-S Compliance Update
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We will begin with the methods of identifying workers who may be non-resident aliens and proceed to the forms and methods of collecting the necessary information to determine whether back-up withholding is required. Next we will examine the rules and forms for proper depositing of back-up withholding taxes and the required reporting to the worker as well as to the IRS. Please note, beginning in 2014 the number and complexity of the forms have both increased due to the implementation of FATCA, the Foreign Accounts Tax Compliance Act.
This course will briefly introduce FATCA and show the impact on the Forms W-8 (now five forms instead of four). The course will focus on Chapter 3 of the internal revenue code related to the payment of FDAP income to non-resident aliens (including an explanation of FDAP income).
Why should you Attend:Join us to obtain the best tools available to identify your Nonresident Alien payees (NRA's) and bring your company into compliance with the 30% backup withholding requirements on dollar one. In just 90 minutes, you can begin to develop a solid plan to move your company toward near absolute regulatory compliance, efficiency improvements, standardized processes, & adequate documentation to ensure your NRA's are properly handled according to IRS and tax treaty regulations. You will learn how to obtain the treaties and confirm exemption claims made by your NRA's with the IRS.
Areas Covered in the Session:
- How to determine whether Nonresident Aliens are working for you
- Review the five forms W-8 including the new W-8BEN-E just released in Q1-2014
- Learn about the drafts of revised forms W-8 soon to be released
- Learn how to determine which W-8 to provide to the NRA
- Discover how a NRA individual must support their claim of exemption from withholding
- Learn the best way to handle questions form NRAs who do not understand your requests or the forms
- Examine a tax treaty and learn how to use it to confirm a claim of exemption from or reduced rate of backup withholding
- Discover how to make your backup withholding deposits timely and keep the IRS from confusing them with your payroll tax withholding deposits
- Study the 1042-S and related forms for filing and reporting backup withholding on the Annual Withholding Tax Return
- Avoid the penalties for under-withholding and failure to report your NRA's
- Discover the best practices for managing NRA information reporting and backup withholding
Who Will Benefit:
- Information Reporting Officers
- Tax Managers
- Compliance Officers
- Compliance Managers
- Accounting Managers
- Bank Managers
- IT Managers
- Risk Managers
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. He 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.