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W-8 &1042-S Non-resident Alien Regulatory Reporting Update (Completed)

Date: Friday, January 24, 2025
Instructor: Miles Hutchinson
Begin Time:  11:00am Pacific Time
12:00pm Mountain Time
1:00pm Central Time
2:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC

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.

Topics Covered

  • Review the five variations of Forms W-8, including the most recent addition - W-8BEN-E
  • Learn how to determine which W-8 to provide to the NRA
  • Know how NRA individuals must support their claim of exemption from withholding
  • Apply a best practices approach to handling questions from NRAs who do not understand your requests or the forms
  • Know what you must do with tax treaties and how to use them to confirm the NRAs’ 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
  • Review Form 1042-S and related forms for filing and reporting backup withholding on the Annual Withholding Tax Return
  • Learn the new rules covering electronic filing of various information returns with the IRS, including the new aggregation rule – nearly everyone is now required to file electronically

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
  • How to determine whether Nonresident Aliens are working for you

Level
Update

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of W-8 &1042-S

Advance Preparation
None

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