Tax & Accounting Blog

New W-8BEN and W-8BEN-E Forms: Drafts Released by the IRS

New W-8BEN and W-8BEN-E Forms: Drafts Released by the IRS

Take a look at the future of Form W-8 documentation: the new draft Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding (Individual), is on display at http://www.irs.gov/pub/irs-utl/formw8benindividualexecirculation2.pdf, and a draft of the all-new Form W-8BEN-E, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding (Entities), is posted … Read More

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Industry Leaders Talk Data Management in Pittsburgh

I recently caught up with 25 senior tax professionals from the Pittsburgh business community to gain valuable insight through interaction.  During the roundtable, top tax professionals shared their challenges with technology and the gaps that exist in streamlining the data management aspect of their day to day tasks. This interactive corporate tax discussion brought together professionals representing a diverse range of departments … Read More

Paying Foreign Employees Part 6: Income Reporting

Paying Foreign Employees Part 6: Income Reporting

Wages paid to foreign employees are reported on Form W-2 with the following exceptions: Treaty-exempt wages of nonresident employees are reported on Form 1042-S Wages paid to H-2A Agricultural Workers (both residents and nonresidents) are reported on Form 1099 MISC if the amount paid during the calendar year equals or exceeds $600 Wages paid … Read More

Data Management Podcast Series: Why Data Management Processes are Priceless to This Tax Department

Data Management Podcast Series: Why Data Management Processes are Priceless to This Tax Department

What if you could improve visibility into — and control over — your company’s tax data and tax-related systems and processes? Overall, how could you benefit from standardizing calculations?  A year and a half ago, these are the questions that one global tax department looked into. Challenged with a material weakness and improving their spreadsheet-based tax process, they were forced … Read More

FATCA Public Hearing: Requests for Postponement of Effective Dates but No Immediate IRS Response

FATCA Public Hearing: Requests for Postponement of Effective Dates but No Immediate IRS Response

The IRS public hearing on the proposed regulations for FATCA (Foreign Account Tax Compliance Act), REG-121647-10, was held on May 15, 2012. More than 20 speakers were on the agenda, and 199 comment letters received by the IRS were posted online at http://www.regulations.gov/#!docketDetail;dct=O%252BSR%252BPS;rpp=25;po=0;D=IRS-2012-0009 (or see http://www.regulations.gov/ for Docket ID IRS-2012-0009). FATCA law established a new Chapter … Read More