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NASBA CPE: 1.5
Delivery Method: Group Internet Based, Field of Study: Accounting and Taxes, Level: Intermediate, Prerequisites: None, Advanced Preparations - None.
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 on these payments.
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.
Why should attend the training:
Join this webinar to obtain the knowledge necessary to identify your NRA payees and bring your company into compliance with the 30 percent 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 IRS.
Learning objectives of the Topic :
• Ensure compliance with IRS information reporting and backup withholding requirements for NRAs
• Understand how to manage nonresident alien payee' tax issues efficiently
• Develop an effective plan to improve your company's regulatory compliance
Areas will be covered during the Session:
• How to determine whether Nonresident Aliens are working for you
• The five variations of Forms W-8, including the new W-8BEN-E
• How to determine which W-8 to provide to the NRA
• How NRA individuals must support their claim of exemption from withholding
• The best way to handle questions from NRAs who do not understand your requests or the forms
• Tax treaties and how to use them to confirm a claim of exemption from or reduced rate of backup withholding
• How to make your backup withholding deposits timely and keep the IRS from confusing them with your payroll tax and other withholding deposits
• Form 1042-S and related forms for filing and reporting backup withholding on the Annual Withholding Tax Return
• How to avoid the penalties for under-withholding and failure to report your NRAs
Miles Hutchinson is president of Learn Continuously LLC and an 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 2,500 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 and use tax, as well as financial modeling and analysis, business strategy and communications. He is the author of several 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, U.S. Marine Corps, and the U.S. Army.