IRS Information Reporting for Nonresident Aliens: Form 1042-S & W-8 Updates

From: $119.00

Date: February 11 , 2025  

Time: 1pmET | 12pm CT | 11am MT | 10am PT

Duration: 120 minutes

Description:

Do you have a strategy in place to address the IRS’s backup withholding requirements for payments made to Nonresident Aliens (NRAs)? As the IRS intensifies its efforts to reduce the tax gap, compliance with NRA withholding has become a top audit priority. While many organizations have improved their 1099 reporting, the complexities of backup withholding and information reporting for NRAs still present challenges. Proper compliance is essential, as it can significantly reduce tax liabilities and penalties.

This course provides professionals with the tools and knowledge to identify NRA payees, understand and apply the 30% backup withholding rules, and navigate the nuances of tax treaties and IRS regulations. Whether you work for a corporation, NGO, educational institution, or government agency, this course offers practical guidance to help ensure your organization stays fully compliant. Additionally, you will learn how to prepare for the 2024 filing season when electronic filing will be mandatory for most filers.

Major Topics:

  • IRS Backup Withholding Requirements
  • Understanding the Different Forms W-8
  • Tax Treaties and Exemption Rules
  • Essential Form 1042-S Reporting
  • Electronic Filing Mandates

Learning Objectives

  • Ensure full compliance with NRA withholding and reporting regulations.
  • Identify the correct Form W-8 for different types of payees.
  • Understand and evaluate NRA exemption claims based on tax treaty provisions.
  • Learn how to prepare accurate Form 1042-S filings and make timely deposits.
  • Apply best practices for electronic filing and maintaining proper documentation.

By attending, you’ll gain actionable insights to streamline your processes, ensure accurate documentation, and confidently manage IRS requirements for NRAs. Join us to strengthen your compliance strategy and avoid costly mistakes.

Credits and Other information:

  • Recommended CPE credit – 2.0
  • Recommended field of study – Taxes
  • Session Prerequisites and preparation: None
  • Session learning level: Basic
  • Location: Virtual/Online
  • Delivery method: Group Internet Based
  • Attendance Requirement:  Yes
  • Session Duration: 120 minutes

Who Will Benefit:

  • CPA
  • Enrolled Agents (EAs)
  • Tax Professionals
  • Attorneys
  • Other Tax Preparers
  • Finance professionals
  • Financial planners

About Our Speaker

Miles Hutchinson  President, Learn Continuously, LLC
A CGMA and experienced businessman. He has been an auditor with PriceWaterhouseCoopers and the Chief Financial Officer of a $1 billion real estate development company. Miles is a professional speaker and consultant who has presented over 2,700 seminars and training sessions on a myriad of business and financial topics, like financial analysis and modeling, accounting, strategic planning, and compliance with the Sarbanes-Oxley Act.  He is recognized as an expert in payroll and sales & use tax as well as financial modeling & analysis, business strategy and communications.