Nonresident Alien Reporting: IRS Compliance 2022 | Wolters Kluwer Tax & Accounting US | 6 October 2022 | Webinar

Do you have a plan to deal with IRS demands for backup withholding if you failed to deduct from payments to Nonresident Aliens' (NRAs)? The IRS is working hard to reduce the delinquent tax burden. They know companies are becoming relatively compliant with 1099 reporting, but they also understand that companies and their advisors are less sure when it comes to identifying and performing backup withholding on NRAs. Collecting the tax due from NRAs working in the U.S. is an IRS Tier 1 audit issue. This tax burden is minimized when companies making payments to NRAs for both dependent and independent personal services properly withhold on these payments.

Join expert, Miles Hutchinson, CGMA, to obtain the knowledge necessary to identify your NRA payees and bring your company into compliance with the 30% backup withholding requirements. After this program, you can develop an effective plan to move your company, institution or clients toward complete regulatory compliance, efficiency improvements, standardized processes and adequate documentation, to ensure NRAs are properly handled according to IRS and tax treaty regulations. You will learn how to use the treaties and best practices to confirm exemption claims made by your NRAs with the IRS.

Who Should Attend
Bank Managers, Compliance Officers, Information Reporting Officers, Tax Managers, CFOs, Controllers, Accounting Managers, Auditors, IT Managers, Compliance Managers, and Risk Managers.

Topics Covered

• How to manage nonresident alien payee' tax issues efficiently
• Develop an effective plan to improve your company's regulatory compliance
• How to determine whether Nonresident Aliens are working for you
• The five variations of Forms W-8, including the most recent addition - W-8BEN-E
• How to determine which W-8 to provide to the NRA
• How NRA individuals must support their claim of exemption from withholding
• The best way to handle questions from NRAs who do not understand your requests or the forms
• Tax treaties and how to use them to confirm a claim of exemption from or reduced rate of backup withholding
• How to make your backup withholding deposits timely and keep the IRS from confusing them with your payroll tax and other withholding deposits
• Form 1042-S and related forms for filing and reporting backup withholding on the Annual Withholding Tax Return

Learning Objectives

• Identify your NRA payees and bring your company into compliance with the 30% backup withholding requirements
• Describe the rules and forms for proper depositing of back-up withholding taxes and the required reporting to the worker as well as to the IRS
• Recognize how to develop an effective plan to move your company, institution or clients toward complete regulatory compliance, efficiency improvements, standardized processes and adequate documentation, to ensure NRAs are properly handled according to IRS and tax treaty regulations
• Recognize how to use the treaties and best practices to confirm exemption claims made by your NRAs with the IRS