Does your organization make payments to foreign vendors? The IRS W-8 forms used to certify foreign status, the rules for withholding federal income tax and the Form 1042-S tax information return are very complex – and failure to withhold the statutory 30% from payments when required results in the required amount becoming the tax liability of the payer. Join this webinar for an overall picture of these requirements and best practices for compliance. Discussion in this webinar will cover:
- Types of payments to foreign vendors which are subject to these tax compliance requirements
- The three forms in the W-8 certificate series most frequently furnished to AP
- Tax withholding under the “withholding-at-source” rules of Internal Revenue Code chapter 3
- Tax withholding under “FATCA” rules of I.R.C chapter 4
- Federal tax deposit of the withheld amounts
- IRS Forms 1042-S and 1042
- Identify the types of payments and vendors subject to federal income tax withholding and Form 1042-S reporting
- Identify the basic determinants of the “sourcing” of income
- Learn how Forms W-8BEN, W-8BEN-E and W-8IMY are used in certification of foreign status
- Identify when tax withholding is required and when federal deposits are due
Marianne Couch, JD - Principal, Cokala Tax Information Reporting Solutions, LLC
Marianne Couch, JD, a Principal in the Cokala Tax Group, is an advisor on U.S. federal information reporting compliance. She is a frequent lecturer at major tax conferences and the author of numerous published articles. She served for many years as Research Director of an information reporting and withholding consultancy where she chaired special training and advisory services provided to large organizations and academic and nonprofit institutions. She was previously a member of the IRS Information Reporting Program Advisory Committee (IRPAC), where she served as Chair of the IRPAC Subcommittee on Small Business and Self-Employed (SBSE) tax issues. In this capacity, she testified annually before the IRS Commissioner on issues of concern to the information reporting community. Marianne has previously worked as a litigator for a large Michigan law firm, where she represented individuals and large clients in many types of civil actions, and formerly served as a Research Attorney for the Michigan Court of Appeals.
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