Overview
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General requirements of 1042-S reporting
8 mins
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ITIN Renewal flyer
21 mins
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Substantial presence test
35 mins
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Always begin with the W-8 ben
51 mins
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Top ten form 1042-S errors
90 mins
Course Description
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 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.
Why Should You Attend?
Join this Online CPE/CE webinar to obtain the knowledge necessary to identify your NRA payees and bring your company into compliance with the 30% backup withholding requirements. After this program, you can develop an effective plan to move your company, institution, or clients toward complete regulatory compliance, efficiency improvements, standardized processes, and adequate documentation, to ensure NRAs are properly handled according to IRS and tax treaty regulations. You will learn how to use the treaties and best practices to confirm exemption claims made by your NRAs with the Internal Revenue Service.
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
Recommended For
- This IRS-Approved CE/CPE course is recommended for CPA, EA, AFSP, CTEC, Tax Professionals, Tax Directors, Tax Practitioners, and Tax Attorneys interested in understanding Form 1042-S & W-8 Updates.
Who Should Attend?
- Annual Filing Season Program
- Auditors
- Bookkeepers & Accountants & Tax Preparers
- California Registered Tax Professional
- CFO/Controller
- Compliance Managers
- CPA (Industry)
- CPA - Mid Size Firm
- CPA - Small Firm
- Enrolled Agent
- Maryland Tax Preparers
- Oregon Tax Preparers
- Tax Accountant (Industry)
- Tax Attorney
- Tax Director (Industry)
- Tax Firm
- Tax Managers
- Tax Practitioners
- Tax Preparer
- Tax Professionals
- Tax Pros
- Trust & Estate Tax Professional
- Young CPA