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.

Agenda:-

• 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, and 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 services are performed is so important to determine your 1042-S reporting responsibilities
• Learn how to use the Forms W-8 and 8233 to validate payee claims for treaty benefits
• Address rules for 1042-S tax withholding and how to report it

Table Of Content:-

• Introduction
• The Big Picture: 1042 S Audits Up! 00:01:17
• New W-8s! - New W-8BEN 00:10:35
• New W-8s! - New W-8BEN E 00:20:38
• New W-8s! - New W-8ECI 00:32:32
• New W-8s! - New W-8IMY 00:36:04
• The W-9 00:39:59
• W 9/W 8 Validation For 1042/1042 S Filing - U.S. Persons 00:43:22
• W 9/W 8 Validation For 1042/1042 S Filing - W-9 to W-8 00:46:38
• Must-Have A W-9/W-8 Due Diligence Framework In Place Or Face Consequences -  Payments and Payees 00:49:07
• W-9/W-8 Payee/Payment In Practice 00:49:49
• Who is My Payee - Non-U.S. Status Red Flags 00:50:59
• Who is My Payee - U.S. or Non-U.S.? 00:53:49
• Who is My Payee - Resident Alien Visas - Determining Payee Tax Status 00:54:58
• Who is My Payee - Resident Alien and Counting Days 00:56:50
• Who is My Payee - Special Entity Rules 00:57:22
• Who is My Payee - W-9 vs. W-9 Basic Rules 00:58:14
• 1042-S Reportable Income: Purchase Invoices 00:59:49
• 1042-S Reportable Income: How Income is Taxed 01:02:25
• W-8 Payment Sourcing 01:02:56
• W-8s and Treaty Benefits 01:08:35
• Wrap Up of General W-8 Validation Tips 01:12:46
• Filing Form 1042/1042-S 01:15:26
• Filing Fundamentals  - Extensions 01:20:23
• Filing Fundamentals  - Recent Changes to Forms 1042-S Information Returns 01:21:49
• Filing Fundamentals  - Recent Changes to Forms 1042-S Information Returns (Can't) 01:25:25
• File on Time and Try to Avoid Those Penalties 01:32:56
• Protect Yourself 01:34:20
• Attendee Questions 01:37:10
• Presentation Closing 01:46:27

Index:-

• 501(c)(3) 00:24:25
• Audit 00:02:17, 00:03:58, 00:05:54
• Backup Withholding 00:17:35, 00:40:22, 01:06:54
• Disregarded Entity 00:23:52
• EIN 00:50:02, 00:52:17
• Exempt 00:24:23
• Expatriate 00:55:27
• FATCA 00:21:13, 00:36:46, 00:41:15, 01:24:55
• Federal Insurance Contributions Act (FICA) 00:56:02
• FIRE - File Information Returns Electronically 01:21:27
• Foreign Taxpayer Identification Number - FTIN 00:15:02, 00:18:29, 00:25:20, 00:38:36
• Form 1042 00:02:51, 00:04:20, 00:43:26,  01:15:26, 01:21:04
• Form 1042-S 00:02:52, 00:04:31, 00:11:16, 00:43:26, 00:59:52, 01:15:26, 01:21:16
• Form 7004 01:25:32
• Form 8233 00:33:55, 00:43:44, 01:12:02
• Form 8809 01:25:30
• Form W-8 00:02:50, 00:10:41, 00:39:38, 00:50:10, 01:12:50, 01:28:03
• Form W-9 00:11:06, 00:17:41, 00:39:34, 00:40:07, 00:49:51
• IRC Section 1446(f) 00:
• ITIN 00:50:02, 00:51:46
• Nonresident Alien (NRA) 00:12:24, 00:16:53, 00:21:26, 00:39:55, 00:44:31, 00:56:27
• PTP - Publicly Traded Partnership 00:34:58
• Resident Alien 00:51:59, 00:56:11, 00:58:32
• Substantial Presence Test (SPT) 00:52:15, 00:54:06, 00:56:54
• Tax Gap 00:03:09
• TIN 00:14:52, 00:18:21, 00:39:35, 00:51:36, 01:31:38
• Vendor 00:12:24, 01:11:44
• W-8BEN 00:14:44, 00:18:17, 00:33:49 
• W-8BEN-E 00:20:38, 00:27:20, 00:33:50, 00:45:41
• W-8ECI 00:32:34, 00:33:44, 00:33:50
• W-8EXP 00:33:51, 00:43:47
• W-8IMY 00:33:51, 00:36:07, 00:46:11

Who Should 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