Forms W-8 & 1042-S: IRS Reporting for Nonresident Aliens
Right now, IRS is working hard to reduce information reporting delinquency. The IRS knows companies are becoming increasingly compliant with 1099 reporting -- but it also understands that companies are less confident when it comes to identifying and performing backup withholding with nonresident aliens.
The reality: Failing to accurately deduct backup withholding from payments to foreign workers can land you in hot water. And because IRS knows it’s something companies struggle with, your Forms 1042-S and W-8s are one of the Service’s top focuses for audits.
That means it’s vital for companies issuing payments to nonresident aliens for both dependent and independent personal services to properly report at year-end, and backup withhold on payments when necessary.
Join us for this live training that will equip you with the tools you need to stay fully compliant when working with nonresident aliens.
This course is essential for professionals across all industries who are responsible for filing or overseeing information reporting compliance and related issues.
This program will help you develop an effective plan ensure your organization is properly identifying nonresident alien payees and staying fully compliant with IRS rules for backup withholding.
Classifying Nonresident Alien Workers: Form W-8 Guidelines & Requirements
- How to determine whether you’re working with nonresident aliens
- Review the latest versions of the five Forms W-8
- Learn how to determine which W-8 to provide to a foreign worker
Managing Forms & Information: Ensure Accuracy & Compliance
- Discover how a nonresident alien must support their claim of exemption from withholding
- Evaluate forms provided by nonresident aliens to determine reliability and impact on backup withholding
- Tips to handle questions from foreign workers who don’t understand your requests or the forms
Form 1042-S & Backup Withholding: Keys to Avoiding Costly Penalties
- Form 1042-S and related forms for filing and reporting backup withholding
- How to access tax treaties and use them to confirm a claim of exemption
- Keys to make your backup withholding deposits timely and accurately
- How to avoid penalties for under-withholding and failure to report
- Best practices for managing nonresident alien information reporting and backup withholding
About the Speaker
Miles Hutchinson is a CGMA and experienced businessman who has been an auditor with PriceWaterhouseCoopers and the CFO of a $1 billion real estate development company. As a professional speaker and consultant, Miles 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’s recognized as an expert in regulatory reporting, payroll and sales & use tax, as well as financial modeling & analysis, business strategy and communications. He’s also the author of several useful accounting and tax tools available at soxpolicies.com and salestaxadvisors.com. His clients include Abbott Labs, Bank of America, Boston Scientific, Citicorp, Corning, the FBI, the FDA, the Federal Reserve, GE, Pfizer, Siemens, the U.S. Marine Corps and the U.S. Army. Please visit his websites to see how you can further benefit from his expertise.
If you'd like this program customized for your organization, call us at 1-800-964-6033. We're certain we can fulfill your training needs, while making it fit in your budget!