MYCPE ONE

The Form 1042-S & W-8 Update – Complying with IRS Information Reporting for Nonresident Aliens 2 Credits 2 Credits

Dec 11, 2023, 03:00 PM EDT

The Form 1042-S & W-8 Update – Complying with IRS Information Reporting for Nonresident Aliens 2 Credits 2 Credits

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Dec 11, 2023, 03:00 PM EDT

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Learning Objectives


  • To ensure compliance with IRS information reporting and backup withholding requirements for NRAs.
  • To know how to manage nonresident alien payee tax issues efficiently.
  • To develop an effective plan to improve your company's regulatory compliance.
  • To study how to determine whether Nonresident Aliens are working for you.
  • To evaluate the five variations of Forms W-8, including the most recent addition -  W-8BEN-E.
  • To discuss how to determine which W-8 to provide to the NRA.
  • To know how NRA individuals must support their claim of exemption from withholding.
  • To review the best way to handle questions from NRAs who do not understand your requests or the forms.
  • To analyze tax treaties and how to use them to confirm a claim of exemption from or reduced rate of backup withholding.
  • To study how to make your backup withholding deposits timely and keep the IRS from confusing them with your payroll tax and other withholding deposits.
  • To discuss form 1042-S and related forms for filing and reporting backup withholding on the Annual Withholding Tax Return.

Course Overview

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 these payments.

This course covers the following Major Topics: 

  • Who is a Nonresident Alien? 
  • Review of the Five Forms W-8
  • Why Examine a Tax Treaty
  • Making Backup Withholding Deposits Timely
  • Review of the Form 1042-S 
  • Best Practices to Avoid Penalties

This CE IRS Tax Course is essential for all professionals in the industry, NGOs, schools, public practice, and government who are responsible for filing or overseeing information reporting compliance and related issues.

On Demand Credits for All Qualifications

Live Webinar Credits for All Qualifications

License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 2 CPE Approved
Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-01619-23-O) 2 CE Approved
Federal Tax Law Update for Annual Filing Season Program (AFSP) 2 CE Approved
Business Acumen for SHRM-Certified Professional (SHRM-CP) 2 PDC Eligible
Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-00750) 2 CE Approved
HR Global for Professional in Human Resources (PHR) (Approval No. 649495) 2 RCH Approved
HR Global for Senior Professional in Human Resources (SPHR) (Approval No. 649495) 2 RCH Approved
Business Acumen for SHRM-Senior Certified Professional (SHRM-SCP) 2 PDC Eligible
HR Global for Associate Professional in Human Resources (aPHR) (Approval No. 649495) 2 RCH Approved
Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-01619-23-O) 2 CE Approved
Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-01619-23-O) 2 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 2 CPE Approved
HR Global for Professional in Human Resources - California (PHRca) (Approval No. 649495) 2 RCH Approved
HR Global for Senior Professional in Human Resources - International (SPHRi) (Approval No. 649495) 2 RCH Approved
HR Global for Professional in Human Resources - International (PHRi) (Approval No. 649495) 2 RCH Approved
HR Global for Associate Professional in Human Resources - International (aPHRi) (Approval No. 649495) 2 RCH Approved
HR Global for Global Professional in Human Resources (GPHR) (Approval No. 649495) 2 RCH Approved
Federal Tax Law Update for LTC (Approval No. GEHNZ-U-01619-23-O) 2 CE Approved
Taxes for Iowa Licensed Public Accountant (IA-LPA) 2 CPE Approved
Taxes for Maine Licensed Public Accountant (ME-LPA) 2 CPE Approved
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 2 CPE Approved
Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-01619-23-O) 2 CE Approved
Federal Tax Law Update for Annual Filing Season Program (AFSP) 2 CE Approved
Business Acumen for SHRM-Certified Professional (SHRM-CP) 2 PDC Eligible
Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-00750) 2 CE Approved
HR Global for Professional in Human Resources (PHR) (Approval No. 649495) 2 RCH Approved
HR Global for Senior Professional in Human Resources (SPHR) (Approval No. 649495) 2 RCH Approved
Business Acumen for SHRM-Senior Certified Professional (SHRM-SCP) 2 PDC Eligible
HR Global for Associate Professional in Human Resources (aPHR) (Approval No. 649495) 2 RCH Approved
Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-01619-23-O) 2 CE Approved
Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-01619-23-O) 2 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 2 CPE Approved
HR Global for Professional in Human Resources - California (PHRca) (Approval No. 649495) 2 RCH Approved
HR Global for Senior Professional in Human Resources - International (SPHRi) (Approval No. 649495) 2 RCH Approved
HR Global for Professional in Human Resources - International (PHRi) (Approval No. 649495) 2 RCH Approved
HR Global for Associate Professional in Human Resources - International (aPHRi) (Approval No. 649495) 2 RCH Approved
HR Global for Global Professional in Human Resources (GPHR) (Approval No. 649495) 2 RCH Approved
Federal Tax Law Update for LTC (Approval No. GEHNZ-U-01619-23-O) 2 CE Approved
Taxes for Iowa Licensed Public Accountant (IA-LPA) 2 CPE Approved
Taxes for Maine Licensed Public Accountant (ME-LPA) 2 CPE Approved

Additional Information

Credits

2

Course Level

Update

Instructional Method

QAS Self Study

Group Internet Based

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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC, in accordance with the standards set forth in Circular 230 section 10.6, grants Continuing Education (CE) credits based on a 50-minute hour. MY-CPE LLC is approved by the California Tax Education Council (CTEC) (Provider Number – 6273) to offer continuing education courses that count towards the annual continuing education requirement for CTEC Registered Tax Preparers. Additional information regarding registration as a tax preparer can be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free at (877) 850-2832, or by visiting www.ctec.org.

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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC is recognized by the Society for Human Resource Management (SHRM) (PDC Registration ID– RP5359) to offer Professional Development Credits (PDCs) for the SHRM Certification Program (SHRM-CP or SHRM-SCP). For more information about SHRM certification or recertification, please visit www.shrmcertification.org.

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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC is approved by the HR Certification Institute (HRCI) (Provider Number – 714694) to offer Recertification Credit Hours for the HRCI Certification Program, including aPHR, PHR, SPHR, GPHR, PHRca, PHRi, SPHRi, and aPHRi. For more information about HRCI certification or recertification, please visit www.hrci.org.

About Instructor

Miles Hutchinson

Miles Hutchinson CGMA

President, Learn Continuously, LLC

  • 4.6
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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. Miles is a professional speaker and consultant who has presented over 2,700 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 is recognized as an expert in payroll and sales & use tax as well as financial modeling & analysis, business strategy and communications.  He is the author of several useful accounting and tax tools available at www.soxpolicies.com and www.salestaxadvisors.com.  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.  Please visit his web sites to see how you can further benefit from his expertise.

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Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. Our courses qualify for credits with NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other professional organizations.

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To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

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MY-CPE LLC courses are accepted for continuing education credit by various professional certification programs, including NASBA, IRS, CFP Board, and HRCI. MY-CPE LLC is also recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® and SHRM-SCP® recertification activities.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other professional organizations for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. Our courses qualify for credits with NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other professional organizations.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars accepted by NASBA and other Professional Organizations?

MY-CPE LLC courses are accepted for continuing education credit by various professional certification programs, including NASBA, IRS, CFP Board, and HRCI. MY-CPE LLC is also recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® and SHRM-SCP® recertification activities.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are accepted for compliance and reporting purposes with NASBA, IRS, CFP Board, HRCI, SHRM (for PDCs), Payroll Org, FP Canada, and 25+ other professional organizations.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

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Excellent (59%)

Very Good (37%)

Average (5%)

Poor

Terrible

CM

Catherine Mccray, CPA (US)

5

An extremely useful class that thoroughly explains 1042 forms.

AH

Alicia Henderson, FPC

5

Miles is a great presenter - helps with tricky examples

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

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