Form W-8 and Form W-9 assistance

• Support for internal Forms W-8 and W-9​​​​​​​​​

  • Guidance on how to properly complete Forms W-8 and Forms W-9. This will reduce withholding exposure and simplify third party based communications. Forms W-8 and W-9 are continuously requested by financial institutions and third parties, having them ready for distribution will ease your compliance burden.  

• Support for user-provided forms for accuracy and compliance

  • Assistance with the review of third-party forms that the business receives. User-provided forms can be complex due to the withholding rates and other requirements. Incorrect forms can lead to penalties, difficult client communication, and wasted time. ​

Character of Payment Determinations and Sourcing Analysis​​

• Guidance can be provided, or a review can be conducted of any of your payments to assist in determining how the payment should be classified. Payment classifications can be confusing as set forth by the rules and can have a material impact on form collection, withholding, and reporting. For payments to foreign persons the determination of the source of income is an additional complexity. 

Withholding and Deposit Guidance 

• Assistance with withholding rate requirements can be provided. For deposits with the IRS guidance on the EFPTS and Fed Wire process is available. 

Process and Procedures

• For clients that have ongoing intercompany or third party payments, process and procedures are crucial. The development of a day-to-day process transforms the tax technical requirements into any everyday step by step activity allowing the operational team to execute on the requirements as part of the overall payment process.

Training

• ​Understanding the tax technical requirements allows teams to make critical and informed decisions. Trainings can cover the entire information reporting and withholding life cycle or can be tailored to focus on areas in which teams need specific assistance.  ​

Tool Development

• Tools can be developed with the team to simplify tax technical areas difficult to navigate in accordance with the IRS instructions and regulations. ​

Managed Reporting of Electronic Returns 

• Electronic reporting of U.S. source FDAP payments to foreign persons on Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding.

• Electronic reporting of consolidated return Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, as a trusted IRS Electronic Return Originator (ERO). 

• Electronic reporting of Form 1099, such as Form 1099-MISC or Form 1099-NEC.

• Return templates, prior to filing, can be reviewed as a standalone offering or as part of the electronic form filing.

Notice Response

• Review of IRS Information reporting notices and response recommendations for 972-CG penalty notice (Name/ TIN mismatch, late filings, not filing electronically,) CP2100 or CP2100A (Name/ TIN mismatch warning) or late deposit penalties

Voluntary Disclosure

• Form 1042 Voluntary Disclosure in the case that the taxpayer has not previously filed Forms 1042 and Forms 1042-S

• Alternatively, a voluntary disclosure with the IRS in the case that the taxpayer has not properly completed Form 1099 reporting through a settlement agreement process