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

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Course Description
Course Qualification
Presenter
FAQ

Course Description

Overview

General requirements of 1042-S reporting

8 mins
ITIN Renewal flyer

21 mins
Substantial presence test

35 mins
Always begin with the W-8 ben

51 mins
Claims of ECI

72 mins
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

Course Qualification

Webinar Qualifies For

2 General Credit for Accountant/Bookeeper
2 CE Credit for Annual Filing Season Program (AFSP)
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 Enrolled Agents (EA) (Approval No. GEHNZ-U-00809-21-S)
2 CE Credit of Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-00809-21-S)
2 CE Credit of Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-00809-21-S)
2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
2 CE Credit for Certified Wealth Strategist (CWS)
2 RCH Credit of Compliance / Research and Resource for Certified Payroll Professional (CPP) (Approval No. 22CPE043)
2 RCH Credit of Compliance / Research and Resource for Fundamental Payroll Certification (FPC) (Approval No. 22CPE043)

Additional details

Course Level :

Basic
Credits :

2
Instructional Method :

QAS Self Study
Pre-requisites :

None
Advance Preparation :

None

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 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.

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 through its website: www.NASBARegistry.org.

CTEC APPROVED

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

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Miles Hutchinson

President, Learn Continuously, LLC

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.

About Company

Learn Continuously, LLC

www.learncontinuously.com

Learn Continuously, LLC creates and delivers comprehensive business training. We are a predominantly web based training host providing continuing education that is easy to use, interactive, interesting and cost effective. Learn Continuously focuses on advancing students in businesses, NGOs and government by offering a full complement of topics from leadership and communication skills, salesmanship, operations and management, to risk management and regulatory compliance. Our training philosophy supports participants who aspire to earn advancement in their organizations by growing their knowledge, passions and talents. Our methods include discussions of best practices and market trends, regulatory updates, product demonstrations, concept outlines, sample scripts, and references to tested and effective resources.

We apply high internal standards to bring you the most highly sought after experts who are also accomplished course leaders, develop outstanding training materials, and utilize state-of-the-art e-learning techniques and technologies to facilitate the exchange of ideas to assist our clients in achieving operational excellence. Our products and services may be customized to fit any industry, organization or market. Our formula assures we will ignite knowledge and experience into effective action.

Our mission is to empower professionals through effective online training sessions. Our world class training methodologies stem from a comprehensive understanding of learning needs from the individual to the global perspective. Our offerings will exceed expectations and provide an exceptional return on your investment.

Faq

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As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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