W-8 & 1042-S Regulatory Compliance Update (Nonresident Alien Reporting)

4 (2)

Miles Hutchinson

Learn Continuously, LLC

Monday, March 08, 2021 | 01:30 PM EST

  • AFSP
  • CPA
  • EA
  • Tax Pros
  • SHRM
  • CTEC

2 CPE | 2 CE


Subject Area


Webinar Qualifies For

2 PDC credit for SHRM Certified Professionals (Approval No. 21-FGW3Z)

2 CPE credit of Taxes for all CPAs

2 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

2 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273)

2 CE credit of Federal Tax for Maryland Tax Preparers

2 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ )

2 CE credit of Federal Tax Update for Oregon Tax Preparers

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

The IRS is working hard to reduce the delinquent tax burden. Over the years, companies are becoming relatively compliant with 1099 reporting. However the fact is that companies and their advisors are less sure when it comes to identifying and performing backup withholding NRAs. 

One such issue is not having a plan to deal with IRS demands for backup withholding if companies failed to deduct from payments to Nonresident Aliens' (NRAs). Collecting the tax due from NRAs working in the US is an IRS Tier 1 audit issue. This tax burden in minimized when companies making payments to NRAs for both dependent and independent personal services properly withhold on these payments. 

Key benefits of webinar:

  • Obtain the knowledge necessary to identify your NRA payees 
  • Bring your company into compliance with the 30% backup withholding requirements 
  • Develop an effective plan to move your company, institution or clients toward complete regulatory compliance, efficiency improvements, standardized processes and adequate documentation
  • Ensure NRAs are properly handled according to IRS and tax treaty regulations. You will 
  • Use the treaties and best practices to confirm exemption claims made by your NRAs with the IRS.

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.

Learning Objectives

  • To identify and ensure compliance with IRS information reporting and backup withholding requirements for NRAs
  • To recognize nonresident alien payee' tax issues efficiently
  • To develop an effective plan to improve your company's regulatory compliance
  • To determine whether Nonresident Aliens are working for you
  • To recognize five variations of Forms W-8, including the most recent addition - W-8BEN-E

Who Should Attend?

  • CFO/Controller
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • CPA (Industry)
  • Auditors
  • Young CPA
  • CPA in Business
  • Entrepreneurial CPA
  • Bank Managers
  • Compliance Officers
  • Information Reporting Officers
  • Risk Managers
  • Compliance Managers