Learn about withholding tax compliance, W-8 & W-9 forms, and best practices to avoid IRS penalties in this essential session.
Withholding tax compliance has become a focus of the IRS audits in recent years, especially for payments to foreign vendors. Organizations often have difficulty keeping up with the changes in this relatively niche area of tax, and this has led to significant penalties for non-compliance.
Forms W-8 and W-9 are the foundation for withholding tax compliance as they will provide the information necessary to correctly withhold and report on applicable payments. This session will cover when you must collect the forms and the steps needed to review them for completeness and correctness to avoid any potential liability for failing to withhold and report. We will discuss the common pain points and provide practical advice on how to better improve your operational process, as well as the requirements to monitor for any change in circumstances.
Learning Objectives
- You will be able to explain when a Form W-8 or W-9 must be collected.
- You will be able to identify the different version of Form W-8.
- You will be able to recognize when a new Form W-8 or W-9 is required.
- You will be able to review a Form W-8 for correctness and completeness.
Agenda
When Do I Need to Collect a Form W-8 and W-9?
- Payments in Scope
- Determining U.S. Source
- Best Practices:
- Change Management
- No U.S. Services Statement
- Risk-Based Reviews
Form W-9
- When Is a TIN Sufficient?
- Form Validation
- Best Practices
- Name/TIN Changes
- TIN Matching
- New Form Versions
Forms W-8BEN and W-8BEN-E
- Form Validation
- Treaty Claims
- Common Issues
- Best Practices
- Form Expiration
- Change in Circumstance
- New Form Versions
Form W-8BCI/W-8EXP
- Form Validation
- Common Issues
Form W-8IMY
- High-Level Overview
- Withholding Statements and Blended Rates
Speakers
Andrew McQuilkin,
KPMG LLP- Senior manager at KPMG Boston
- Practice emphasizes all aspects of information reporting and withholding
- Conducts regular seminars and workshops on numerous issues related to domestic and international information reporting and technology solutions for compliance
- Member, Massachusetts Bar. Patent Attorney, U.S. Patent and Trademark Office
- J.D. degree, Suffolk University School of Law; B.S. degree, University of Massachusetts Amherst
Who Should Attend
This live webinar is designed for tax managers, finance managers, directors of finance, accounting managers, CFOs and controllers, business owners and managers, supervisors, tax analysts, bookkeepers, accountants, controllers, CFOs, tax managers, finance directors, presidents, VPs, accounts payable professionals, enrolled agents, purchasing managers, material managers, contract administrators, senior buyers and project directors; business professionals, owners, managers, and sales and use tax professionals in all industries and businesses.
