Tips for Handling Recent Changes to Forms W-8 and W-9 - v10 (Course Id 1691)

Taxes - Taxes for Course Id 1691

IRS Forms W-8 and W-9 requires organizations like yours to collect very specific information about your payees. Besides regulating withholding, payers must make sure that the forms are current, complete and accurate. How can you ensure a proper form that will not subject your company to penalties, interest or tax? 

In this course, industry expert and corporate tax attorney Steven D. Mercatante Esq. takes a look some of the more common problems experienced by CPA’s, accounts payable, and tax departments related documenting and validating payee information using the IRS Forms W-8 and W-9. He not only identifies the issues, but offers solutions and best-practices for addressing them.

NASBA QAS - Text - Technical - NASBA Registry - IRS Enrolled Agents - 1691

Course Learning Objectives

• Learn what's new for Form W-9/W-8 due diligence rules
• Discover the latest strategies for validating IRS Forms W-9, W-8, and 8233
• Develop best practices strategies for backup withholding (including rules and determining your deposit schedule)
• Identify Form W-9 do’s and don’ts: including tips on validating Form W-9's when multiple names are provided, handling undocumented payees, service payments that require the reporting of a related good, and validating exempt organization payees
• Discover proven techniques for handling payee treaty benefit requests on Forms W-8 and the steps to validate foreign TIN's
• Learn when to use each form W-8: Scenarios to consider
• Receive best practices for validating payees from U.S. possessions
• Discover key data points to capture from Forms W-8/W-9 and ensure compliance with IRS reasonable cause regulations
• Spot Form W-8 & W-9 red flags before it's too late
• Learn how to document & validate sole proprietors, single member LLC’s, partnerships, LLC’s owned by other entities, S-Corps, and more Create processes for dealing with recent IRS changes to the Form W-9

Chapter 1 - Tips for Handling Recent Changes to Forms W-8 and W-9

Introduction

Key W-9 Trouble Spots

When You Need to Update Forms W-9

W-9 Red Flags For Non-U.S. Payees

Why Use a W-9 to solicit TIN for 1099 Reporting?

the Payee Refuses to Provide Their TIN on the W-9

W-9’s and the U.S. vs. Non-U.S. Debate

Validating the W-9: Watch Out for Corporations and LLC’s

The IRS TIN Match Program

Payee Claims To Be An Exempt Organization: What to Do

Backup Withholding And Reporting

B-Notice Response Best Practices

W-9 Record Retention Tips

The W-8

Practical W-8 Steps - Always Start With The W-9

The W-8: Watch Those Payees

Payees From U.S. Possessions

Documenting Non-Resident Alien Payee Tax Status On The W-8

The W-8BEN-E

The W-8BEN

The Form 8233

The Form W-8ECI 

The Form W-8IMY

The Form W-8EXP

Validity Periods For Forms W-8

Glossary