Forms W-8 & 1042-S: IRS Reporting & Backup Withholding Requirements
Failing to accurately deduct backup withholding from payments to foreign workers can land employers 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 information-packed, 100-minute program that will equip you with the tools you need to stay fully compliant when working with nonresident aliens. Join us to learn how to:
- Manage nonresident alien payee' tax issues efficiently
- Develop an effective plan to improve your company's regulatory compliance
- Determine whether nonresident aliens are working for you
- Identify which Form W-8 to provide to nonresident aliens
- Ensure compliance with reporting and backup withholding requirements
Classifying Nonresident Alien Workers: Form W-8 Guidelines & Requirements
- How to determine whether you’re working with nonresident aliens
- Latest versions of the five Forms W-8, including the recent addition of W-8BEN-E
- 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 NRAs 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
Live Question & Answer Session - Have your questions answered by the expert!
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 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.
This program will help you develop an effective plan to ensure your organization is properly identifying nonresident alien payees and staying fully compliant with IRS rules for backup withholding.
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!
This program has been approved for 1 (HR (General)) recertification credit hour toward aPHRTM, aPHRiTM, PHR®, PHRca®, SPHR®, GPHR®, PHRiTM and SPHRiTM recertification through the HR Certification Institute. Learn more at hrci.org