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

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

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  • Access the course at your convenience
  • Take the assessment test
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  • Answer the polling questions
  • Get your certificate

Dec 11, 03:00 PM ET

Learning Objective


  • 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.

  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 2 CE Credit of Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-01619-23-O)
  • 2 CE Credit of Federal Tax Law Update for Annual Filing Season Program (AFSP)
  • 2 PDC Credit of Business Acumen for SHRM Professionals (Approval No. 24-JVZME)
  • 2 RCH Credit of Global for Human Resource Certification Institute (HRCI) (Approval No. 649495)
  • 2 CE Credit of Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0750)
  • 2 CE Credit of Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-01619-23-O)
  • 2 CE Credit of Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-01619-23-O)
  • 2 CE Credit of Federal Tax Law Update for LTC (Approval No. GEHNZ-U-01619-23-O)
  • 2 CPE Credit of Taxes for Iowa Licensed Public Accountant (IA-LPA)
  • 2 CPE Credit of Taxes for Maine Licensed Public Accountant (ME-LPA)
  • 2 CPE Credit of Taxes for Delaware Licensed Public Accountant (DE-LPA)

Additional Information

Credits

2

Course Level

Update

Instructional Method

QAS Self Study
Group Internet Based

IRS APPROVED

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 aintenance 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.

NASBA APPROVED

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

MY-CPE LLC (Sponsor Id#: 143597) 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.

About Instructor

Miles Hutchinson: CPE Webinars for Accountants CRTP CPA & More
Miles Hutchinson

President, Learn Continuously, LLC

  • 4.5
  • rating
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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.

On Demand FAQs

What is Self Study (QAS)?

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. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

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.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

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 regulatory bodies 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. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

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 approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

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 recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies 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.

Ratings and Review

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AS

Alan Steger, EA

This webinar was a tour de force par excellence. It brought together a large amount of complex material and presented it in a clear and useful format.

EA

Elder Ayala, Tax Professional

Excellent class regarding NRA's compliance and reporting. I'd highly recommend taking this class to everyone, especially if you have foreign clients.

Inclusions
  • Multiple Credits
    Multiple Credits

    Earn continuing education credits with flexibility. Choose from live webinars, on-demand courses, e-books, or podcasts to fit your learning style and schedule.

  • Certifications & Reporting
    Certifications & Reporting

    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 - fastest in the industry.

  • Credit Tracker
    Credit Tracker

    Track and manage your compliance across all 50 states and over 100 designations. Our Credit Tracker keeps your CPE credits and compliance requirements always up-to-date.

  • Certificate Vault
    Certificate Vault

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  • Compliance Reminders
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  • Live Support
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