Park Avenue Presentations: Nonresident Alien Vendors: Best Practices on How to Handle the IRS Information Reporting and Backup Withholding Requirements

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

Tuesday, November 17, 2020 at 2:00 pm ET

Duration: 90 minutes

Special Feature: If you register for this webinar and cannot attend, you will be able to access a one-time instant replay without charge for up to 90 days after the date of the webinar.

Bonus for Each Registrant:The webinar speaker will answer one written question that you may submit by email within one week after the webinar.

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

Starter Question: Who is a Nonresident Alien?
How you can determine whether to request a W-9 or a W-8 from the vendor
Learn the best way to handle questions from NRAs who do not understand your requests or the forms
Understand the specifics about the four unique Forms W-8 and when to request the right one
Learn when to use a Form 1099 and when to use a Form 1042-S
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 on Form 941
Study the Form 1042-S and related forms for filing your 1042-S's and reporting backup withholding on the Annual Withholding Tax Return
Avoid the penalties for under-withholding and failure to report your NRAs
Discover the best practices for managing NRA information reporting and backup withholding

CONTINUING EDUCATION INFORMATION

Continuing HRCI Credit

This program has been pre-approved for 1.5 hours of General recertification credit hour through the HR Certification Institute. Use of the seal is not an endorsement by the HR Certification Institute of the quality of the program. It means that this program has met the HR Certification Institute's criteria to be pre-approved for recertification credit.

Continuing SHRM Credit

SHRM Recertification Provider
Park Avenue Presentations is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.5 PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.

Logistics

90 minutes (Travel Free) delivered over the Internet.
Unlimited listeners per connection - bring the entire department.
Q&A session with the expert.

This event will be presented live with a PowerPoint presentation to be viewed on your computer. You may listen to the audio of the webinar by telephone or through your computer. 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.

What is a webinar?

A webinar is a live Internet based seminar. Webinars are a way for participants in many different locations to see and hear a presentation and view PowerPoint slides. You can also have your colleagues attend the webinar using one connection.

What kind of equipment do I need?

You will need a computer with an Internet connection (high speed service such as DSL or cable works best) and a telephone. You may listen to the webinar through your computer speakers, in which case you will not need to use a telephone connection. Internet access is not required for phone-only participants, but you will not be able to see the speaker’s slides.

How can I share the webinar with my colleagues who may not be able to attend the event?

CDs of each program will be available for sale and can be shared with your business associates.

Can I get a copy of the PowerPoint slides used in the webinar?

The PowerPoint slides will be available on the materials page link in the confirmation email that will be sent to you no later than the morning of the day a webinar is presented.

How do I ask a question during the webinar? Will my question be answered during the presentation?

A question and answer session will be scheduled at the end of each webinar. You can then ask a question by typing it into the question box that will be provided to you duringthe webinar. You may also ask a question through the telephone connection. As many questions as possible will be answered during the Question and Answer period.