BarbriSFCourseDetails
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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Tuesday, November 7, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00
CPE
ALL

This course will discuss the required preparation of Form W-8BEN-E, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting, by certain foreign entities transacting business with U.S. taxpayers and the related withholding requirements. Our panel of international tax experts will explain what constitutes a properly completed form, claiming treaty benefits, identifying the withholding agent, and applicable withholding rates.

Faculty

Danielle Nishida
Principal, Global Information Reporting
Pricewaterhouse Coopers LLP LLP

Ms. Nishida joined KPMG in April 2013 and practices in information reporting. She was previously an attorney in the Office of Chief Counsel (International) at the Internal Revenue Service (IRS). At the IRS, she practiced in income tax withholding and Subpart F, and was a principal draftsperson of the FATCA regulations, the pending proposed chapter 3 and 61 conforming regulations, and other published guidance under sections 1441, 1442, 1471 through 1474, and 6050W. Ms. Nishida is a frequent speaker both in the U.S. and internationally regarding FATCA and other information reporting issues.  

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Carson M. Le
Senior Manager, Washington National Tax, Information Reporting and Withholding
KPMG US, LLP

Mr. Le advises internal and external clients on a range of documentation, entity classification, due diligence, reporting, and withholding requirements under chapters 3, 4, and 61 of the Internal Revenue Code; FATCA Intergovernmental Agreements (IGAs); and the OECD Common Reporting Standard (CRS) and advises on IRW impacts of acquisitions and organizational restructuring. He audits client procedures, documentation, and filing data to identify compliance failures and recommend operational improvements; manages remediation and reporting efforts of US and foreign financial institutions via ongoing compilation and analysis of account holder records; assists with the preparation and filing of IRS Forms 1042, 1042-S, 8804, 8805, 8966, 945, and 1099 series, as well as FATCA and CRS schema in various jurisdictions; validates Forms W-9, W-8, and self-certifications, responds to notices, files appeals, and requests for penalty abatement, and generally liaise with the IRS on behalf of clients.

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Description

Much longer than its corollary form, the W-BEN, Form W-8BEN-E, was introduced due to FATCA and consequently is a much more complex form. Thirty percent withholding on gross amounts paid is required for interest, dividends, rents, compensation, and other nonproduct payments made to certain foreign entities. A properly prepared W-8BEN-E can be used to claim a reduced rate or exemption from withholding.

There are many complexities to completing the form. Determining which party is responsible for withholding, the applicable Chapter 3 and Chapter 4 statuses in Part I, and how a payee should complete Part III to claim entitled treaty benefits are just a few of many obstacles to overcome. International tax professionals working with nonresident aliens and entities making these payments need to master the nuances of this form.

Listen as our panel of international tax experts walks you through the completion of W-8BEN-E, Parts I-XXX of this complicated and mandatory form.

Outline

  1. Form W-8BEN-E background
  2. Who is the payer or withholding agent?
  3. Types of income subject to withholding and reporting when paid to non-US persons
  4. Completing the form
    1. Chapter 3 status
    2. Chapter 4 status
    3. Disregarded entities
    4. Claiming treaty benefits
  5. Best practices

Benefits

The panel will cover these and other critical issues:

  • How to complete Part III, Claim of Treaty Benefits, for reduced withholding rates provided by a treaty
  • Determining who is the withholding agent responsible for remitting withholding
  • What types of income are subject to the 30 percent withholding?
  • When does a disregarded entity complete a W-8BEN-E?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Determine who is required to complete W-8BEN-E
  • Decide the amount to withhold for NRAs claiming certain treaty benefits
  • Ascertain when Part II, for disregarded entities, needs to be completed
  • Identify the withholding agent responsible for remitting withholding

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of international taxation including residency determination, foreign entity classifications, application of treaty benefits, as well as GILTI, Subpart F, and the related Section 250 deductions.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).