START FREE TRIAL

Non Resident Alien Payee (1042-S, W-8)

How to Handle the Information Reporting and Backup Withholding Requirements of the IRS

Summary

  • How to determine whether nonresident aliens are working for you
  • Review the five forms W-8 including the new W-8BEN-E just released in Q1-2014
  • Learn about the drafts of revised forms W-8 soon to be released
  • Learn how to determine which W-8 to provide to the NRA
  • Discover how a NRA individual must support their claim of exemption from withholding
  • Learn the best way to handle questions form NRAs who do not understand your requests or the forms
  • Examine a tax treaty and learn how to use it to confirm a claim of exemption from or reduced rate of backup withholding
  • Discover how to make your backup withholding deposits timely and keep the IRS from confusing them with your payroll tax withholding deposits
  • Study the 1042-S and related forms for filing and reporting backup withholding on the annual withholding tax return
  • Avoid the penalties for under-withholding and failure to report your NRAs
  • Discover best practices for managing NRA information reporting and backup withholding

 

Overview

Collecting the tax due from NRAs (nonresident aliens) working in the U.S. is a Tier 1 audit issue. This tax burden is minimized when companies making payments to NRAs for dependent and independent personal services properly withhold on these payments. This training program will review the five forms W-8 including the new W-8BEN-E just released in Q1-2014. It will help attendees establish which W-8 to provide NRAs working for them.

Who should attend?

  • Information Reporting Officers
  • Tax Managers
  • Compliance Officers
  • Compliance Managers
  • CFOs
  • Controllers
  • Accounting Managers
  • Bank Managers
  • Auditors
  • IT Managers
  • Risk Managers

Why Should you attend?

  • How do you know whether you can accept a W-9 from someone or you must request a W-8 instead?
  • What if you send them a 1099 when you should have sent them a 1042-S?
  • How will you deal with the IRS demand for the backup withholding you failed to deduct from the NRA’s payments?

Gina J. Lowdermilk

Expert

Dr. Gina J. Lowdermilk,PhD (ABD), CAMS, CRMS is a highly experienced and educated BSA/AML and Financial Regulatory Compliance professional with extensive policy and procedure development and implementation, training, internal audit, monitoring, risk management, and reporting experience. Her emphasis has been working with financial institutions that are experiencing regulatory concerns and resolutions, including enforcement actions such as memorandums of understanding and cease and desist orders.

FAQ

With a FREE membership you can get one Exclusive Video every 30 days!

With a free memebrship account, you can browse the entire library, buy credits & attend live webinars and read expert posts. Join and explore the coolest complaince platform ever. Feel free to upgrade anytime to view all Exclusive content and get additional benefits for your account.

Do I have to pay to join?

For FREE signups there is no payment required. No Credit Card needed. We also offer EDGE & PRO, paid memberships.

What are the different formats?

There are Live and Recorded, Expert led webinars. Durations vary from 30min to 6hrs. Standards & checklists are in pdf form

What if I am interested in more than one exclusive?

You can upgrade to EDGE memebrship at any time and enjoy unlimited Exclusive viewing. All our memebrships are annual plans.

How many videos can I watch?

As a FREE memebr you get 1 free exclusive video every 30days. You can buy additional videos.

Who are the Experts?

All Experts on our platform are handpicked or referred by other Experts based on years of experience & proven expertise in providing learning & consulting advice.

What if I have questions after watching a video?

We provide first of its kind, Expert on Call service, where you can directly schedule one on one call with the Expert of your choice & discuss.

Free Content

Choose this content or anyone of 100s of Exclusive contents. Get one free exclusive every 30days

Paid Content

Choose from 100s of live and recorded content uploaded by Experts every day

Ready to get started?

Get in touch, or create an account