Nonresident Alien Vendors: Best Practices on How to Handle the IRS Information Reporting and Backup withholding Requirements

Duration: 90 minutes

Speaker: Miles Hutchinson

 

Webinar Description

In a global economy, many of your vendors may be foreign companies.  Nonresident alien vendors pose special problems for a US business that must report payments to those vendors to the IRS. How can you tell if your vendor may be a nonresident alien? How do you know whether you can accept a W-9 from your vendor or must you request a W-8 instead?  What if you send a 1099 when you should have sent them a 1042-S and made backup withholding for the payments you made to them?  How will you deal with the IRS demand for the backup withholding you failed to deduct from the NRA’s payments? If you attend this webinar, you can begin to develop a solid plan to ensure your nonresident alien payments are properly handled according to IRS and tax treaty regulations. You will learn how to find relevant treaties and confirm exemption claims made by your NRAs.

 

Experienced CPA and businessman Miles Hutchinson will explain the best practices to help you ensure that your NRAs get established in your vendor system correctly and that you initiate the proper backup withholding on the very first vendor payment.  He will show you how to handle the deposits of backup withholding so the IRS doesn’t commingle them with your Form 941 deposits.  He will also show you how to prepare and file the Form 1042-S for each NRA.

 

Agenda

 

Logistics

This event will be presented live by phone together with a PowerPoint presentation to be viewed on your computer. Internet access is not required for phone-only participants. The PowerPoint slides will be provided shortly before the event. Once you register, you will receive an email which is your receipt and which includes your instructions for dialing in and logging on. You will also receive an email reminder 24 hours before the webinar.