W-8/1042-S Compliance When Making Payments to Non-U.S. Persons

Description

The IRS is heavily focusing its nonresident alien tax regulations compliance audits on accounts payable operations. If your organization outsources work to an overseas contractor, if you bring a foreign contractor in for short-term work, or if you are asked to pay a foreign consultant’s invoice, this one-day seminar will help you to make sense of the regulations surrounding payments to foreign vendors.

Areas Covered in the Session: -

• Learn to distinguish a 1042-S reportable non-resident alien payee from a 1099 reportable resident alien or U.S. citizen payee.
• Get tips on recognizing how to handle visas, green cards, and using the IRS substantial presence test to identify when a payment should be 1042-S or 1099 reportable.
• Discover why where the service is performed is so important to determine your 1042-S reporting responsibilities.
• Learn how to use Forms W-8 and 8233 to validate payee claims for treaty benefits.
• Address rules for 1042-S tax withholding and how to report it.

Why Should You Attend?

• You make payments to foreign vendors and are confused as to how to validate Forms W-8 and 1042-S report those payments.
• You are concerned that your organization does not have appropriate policies in place for identifying when W-8 or 1042-S reporting situations arise.
• You have a solid understanding of 1099 reporting rules and want to get to the next level in terms of protecting your organization from an IRS audit.

Who Will Benefit?

• Accounts Payable Professionals
• Tax Compliance Officers
• Payroll Managers
• HR Professionals
• Controllers
• Finance Directors
• CFOs
• International Business Managers
• CPA Firms
• In-house Legal Counsel
• Procurement Officers
• Compliance Managers.