Many companies are fairly compliant with 1099 reporting but less sure about identifying nonresident aliens (NRAs) and withholding on their payments. The IRS treats collection of tax owed by NRAs working in the U.S. as a Tier 1 audit issue, and proper withholding on payments for dependent and independent personal services keeps that exposure down.
This 90-minute webinar on nonresident alien reporting with Forms 1042-S and W-8 covers how to tell whether NRAs are working for you, the five variations of Form W-8 including the W-8BEN-E, and which form to give each payee.
You'll also learn how NRAs must support exemption claims, how to use tax treaties, how to make timely deposits, and how to file Form 1042-S and the annual withholding tax return.
WHY SHOULD YOU ATTEND?
Getting NRA withholding wrong can lead to penalties for under-withholding and failure to report. This session helps you bring your company, institution or clients into compliance with the 30% withholding requirement and build standardized, well-documented processes.
It suits CFOs, controllers, compliance, accounting, AP and tax managers, and staff and advisors who work with Forms W-8 and 1042-S in industry, NGOs, schools, public practice and government.
AREA COVERED
- Determining whether nonresident aliens are working for you
- The five variations of Form W-8, including the W-8BEN-E
- Choosing which W-8 to give the NRA
- How NRA individuals must support a claim of exemption from withholding
- Handling questions from NRAs who do not understand your requests or the forms
- Using tax treaties to confirm exemption or reduced-rate claims
- Making timely withholding deposits and keeping them separate from payroll tax deposits
- Form 1042-S and related forms for the annual withholding tax return
- Avoiding penalties for under-withholding and failing to report NRAs
LEARNING OBJECTIVES
- Identify nonresident alien payees
- Choose and collect the correct Form W-8
- Confirm exemption and reduced-rate claims using tax treaties
- Deposit and report NRA withholding correctly on Form 1042-S
- Manage NRA payee tax issues efficiently
- Develop a plan to improve your organization's compliance
WHO WILL BENEFIT?
- CFOs, controllers, compliance managers, accounting managers, accounts payable managers, and tax managers, as well as any staff and professional advisors that deal with Forms W-8 and 1042-S
Getting NRA withholding wrong can lead to penalties for under-withholding and failure to report. This session helps you bring your company, institution or clients into compliance with the 30% withholding requirement and build standardized, well-documented processes.
It suits CFOs, controllers, compliance, accounting, AP and tax managers, and staff and advisors who work with Forms W-8 and 1042-S in industry, NGOs, schools, public practice and government.
- Determining whether nonresident aliens are working for you
- The five variations of Form W-8, including the W-8BEN-E
- Choosing which W-8 to give the NRA
- How NRA individuals must support a claim of exemption from withholding
- Handling questions from NRAs who do not understand your requests or the forms
- Using tax treaties to confirm exemption or reduced-rate claims
- Making timely withholding deposits and keeping them separate from payroll tax deposits
- Form 1042-S and related forms for the annual withholding tax return
- Avoiding penalties for under-withholding and failing to report NRAs
- Identify nonresident alien payees
- Choose and collect the correct Form W-8
- Confirm exemption and reduced-rate claims using tax treaties
- Deposit and report NRA withholding correctly on Form 1042-S
- Manage NRA payee tax issues efficiently
- Develop a plan to improve your organization's compliance
- CFOs, controllers, compliance managers, accounting managers, accounts payable managers, and tax managers, as well as any staff and professional advisors that deal with Forms W-8 and 1042-S