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

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • HRCI
  • ORTP
  • SHRM
  • Maryland Tax Prep.
  • CFIRS
  • CWS

Published: June, 2021

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • General Requirements of 1042-S Reporting
    6 mins
  • ITIN Renewal Flyer
    16 mins
  • Substantial Presence Test
    26 mins
  • The Five forms W-8 Form 8233
    39 mins
  • Identification of Beneficial Owner
    57 mins
  • When are tins required on W-8S?
    74 mins

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.

Click to access Sales & Uses Tax Webinars | Trust and Estate Planning Webinars | IRS Audit Webinars

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

Recommended For

  • This online CPE/CE IRS-approved course is recommended for CPAs, EAs, AFSPs, and Other Tax professionals involved in advising or are responsible for filing or overseeing information reporting compliance and related issues.
  • This SHRM & HRCI approved online CPE course is recommended for HR Professionals involved in filing or overseeing information reporting compliance and related issues.

Who Should Attend?

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

Course Qualification

Webinar Qualifies For

  • 2 PDC Credit of Business Acumen for SHRM Professionals (Approval No. 22-DD7JD)
  • 2 RCH Credit of HR (General) for Human Resource Certification Institute (HRCI) (Approval No. 583594)
  • 2 CE Credit for Enrolled Agents (EA)
  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 CE Credit of Federal Tax Law Update for California Registered Tax Preparers (CRTP)
  • 2 CE Credit for Annual Filing Season Program (AFSP)
  • 2 CE Credit for Oregon Registered Tax Preparers (ORTP) (Approval No. 00521-21)
  • 2 CE Credit for Maryland Tax Preparer (MRTP) (Approval No. 00521-21)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit for Accountant/Bookeeper

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

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, 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 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.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • 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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Ratings and Review

3.8

6 Ratings

Excellent

0

Very Good

5

Average

1

Poor

0

Terrible

0

KM

Kristin Mcquiston, PHR, SHRM - CP

Mar 29th, 2022

N.A

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