W-8 & 1042-S : NRA Reporting & Backup Withholding Requirements
When should you request a W-8 over a W-9, and when is a 1042-S required instead of a 1099?
We’ll show you how to identify your NRA (nonresident alien) payees, and practices to bring your company into compliance with the 30% backup withholding requirements on dollar one. In this 90-minute event, you’ll get guidance to develop a solid plan to move your company toward near absolute regulatory compliance, efficiency improvements, and standardized processes. Plus, learn documentation practices to ensure your NRA’s are properly handled according to IRS and tax treaty regulations. We’ll show you how to obtain the treaties and confirm exemption claims made by your NRA’s with the IRS.
Join us as we cover:
- Identifying payees who may be nonresident aliens
- When a W-8 is required instead of a W-9, plus 1042-S vs. 1099
- Detailed look at the five Forms W-8, plus the newest forms
- IRS reporting requirements employers need to know
- How to handle IRS backup withholding – and when its required
Classifying NRA Workers: Form W-8 Guidelines & Requirements
- How to determine whether Nonresident Aliens are working for you
- Review the five forms W-8 including the newest Forms W-8
- Learn how to determine which W-8 to provide to the NRA
Managing NRA Forms & Information: Ensure Accuracy & Compliance
- Discover how a NRA individual must support their claim of exemption from withholding
- Evaluating forms provided by NRAs to determine reliability and impact on withholding
- Tips to handle questions from NRAs who don’t understand your requests or the forms
Form 1042-S & Backup Withholding: Keys to Avoiding Costly Penalties
- 1042-S and related forms for filing and reporting backup withholding
- How to access tax treaties and use it to confirm a claim of exemption
- Keys to make your backup withholding deposits timely and accurately
- Avoid penalties for under-withholding and failure to report your NRA’s
- Best practices for managing NRA information reporting and backup withholding
Live Question & Answer Session - Have your questions answered by the expert!
About the Speaker
Miles Hutchinson, CGMA, 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 2,500 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 & use tax as well as financial modeling & analysis, business strategy and communications.
- 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.
How you should report and withhold for nonresident alien payees can be confusing, and the new Forms W-8 don’t make it easier. Join us to learn when a W-8 and 1042-S are required, how to handle backup withholding, and the latest IRS reporting requirements.