W-8 Series Forms for Individual Taxpayers | CPE Course

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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, October 1, 2019
schedule Time
1:00 PM E.T.
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

This course is $0 with these passes:

CPE

ALL

This course will provide tax advisers with a detailed and practical guide to Form W-8 series reporting for withholding on income associated with foreign entities or accounts for individual taxpayers. The panelist will describe the most recent 2017 changes to Form W-8BEN and will offer useful tips to help complete the form, including the treaty position references and issuing Form W-8 from the payee's perspectives.

Faculty

Margaret Nowak

Director, International Tax

Mueller

Ms. Nowak has over 20 years of experience performing tax services, the majority of which was spent in International Tax at Big Four accounting firms. Prior to joining CLA, she was a director in international tax at one of the largest accounting firms and sat on a national platform that assisted with international tax technical issues, tax technology and project management. Her international corporate tax experience focuses on export incentives/ IC DISC, repatriation of earnings, foreign tax credit planning, structuring foreign operations, inbound/outbound tax compliance, treaty analysis, FATCA, and global mobility services.

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Description

U.S. businesses making certain payments are required to obtain a Form W-8BEN or other W-8 (foreign entities or individuals), or a Form W-9 (U.S. taxpayers), bearing certain information about the payee. The forms, when properly filed, reduce or eliminate U.S. federal income tax withholding.

Form W-8BEN is part of the increasingly complex foreign information reporting regime, and the IRS integrates and cross-references W-8BEN filings with other information requirements, including FATCA requirements. IRS audit activity is aggressive in this area, and tax professionals need to grasp reporting obligations to file Form W-8BEN. A key challenge is determining when the forms are required from foreign and U.S. payees and when tax withholding is or isn't required.

Form W-8BEN requires any taxpayer claiming a treaty position to specify both the article and paragraph of the tax treaty that they are referencing. Also, filers are required to furnish more detail to support any claim of special rates, citing specific article and paragraph to substantiate eligibility for the claimed rate of withholding.

Listen as Margaret Nowak, EA, MBA, MST, Director at Mueller, analyzes the upcoming new Form W-8BEN and provides insights for compliance with W-8BEN and W-9 for U.S. taxpayers.

Outline

U.S. withholding-related information forms individuals
1. Form W-8BEN (certificate of foreign status of beneficial owner)
2. Form W-9 (request for taxpayer identification number and certification)
3. Form W-8ECI (effectively connected with U.S. trade or business)
4. Form W-8EXP (foreign government or organization)
5. Form W-8IMY (foreign intermediary, flow-through entity, or certain U.S. branches)
Required information on forms
When a payor may have to withhold on certain payments
Claiming tax treaty withholding exemptions
Compliance challenges with Forms W-9 and W-8BEN series

Benefits

The panelist will review these and other key issues:

Implications of the new requirement for a foreign tax identifying number
Circumstances that require payor companies to obtain a form from payees or to withhold because they haven't received a valid form
Tactics for performing a line-by-line review to ensure a form is accurate and complete
When an equivalent form is acceptable--and forms that are equivalent
Automatic exchange of information (AEoI) and W8 series/W9

NASBA Details

Learning Objectives

After completing this course, you will be able to:

Determine the person or entity responsible for making the withholding payment
Recognize foreign financial institutions in the FATCA reporting process
Identify intergovernmental agreements under FATCA
Indicate the purpose of the W-8BEN form
Distinguish the requirements of an active nonfinancial foreign entity for being treated as active vs. passive by the IRS
Verify whether a taxpayer is considered a nonresident alien
Discern qualifying grandfathered obligations under FATCA

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 at mid-level within the organization, preparing complex tax forms and schedules regarding foreign business transactions; supervisory authority over other preparers/accountants. Knowledge and understanding of Forms W-8BEN, W-9 and W-8 compliance; familiarity with FATCA reporting and the treatment of non-financial foreign entities.

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.