IRS withholding certificates, such as Forms W-8, are critical to documenting your payees and further understanding who you are paying. Forms W-8 provide information about your payee, including their name, tax identification numbers, permanent residence address and treaty claim information. This information is essential to… Read More »Forms W-8 and Affidavits of Unchanged Status
The Comply and Connect Reporting Summit hosted by Sovos brought together tax professionals, compliance experts, and industry leaders to discuss information on emerging trends in tax, regulatory reporting and compliance. Read below as we summarize some key takeaways and reminders from the conference. TAKEAWAY 1: THE… Read More »Sovos Comply & Connect 2023 Key Takeaways
We are excited to announce our attendance at this year’s Money 20/20 conference! We look forward to connecting and engaging with some of the world’s largest Fintech companies. If you would like to get in touch with us ahead of the conference to schedule a… Read More »We’re attending Money 20/20!
What is DAC 7? The official name for DAC 7 is the Council Directive (EU) 2021/514 of March 22nd, 2021, amending Directive 2011/16/EU on administrative cooperation in the field of taxation. DAC 7 enables members to share tax information with one another thereby increasing tax… Read More »What Do I Need to Know About DAC 7?
U.S. Withholding Agent Examinations: Understanding IRS Guidelines & Key Insights for Forms 1042/1042-S
Are you a withholding agent making payments of U.S. source income to non-U.S. persons? Stay informed about the IRS guidelines, key insights and what the IRS will request in the event of an examination. Who Is Impacted: Any withholding agent making payments of U.S. source… Read More »U.S. Withholding Agent Examinations: Understanding IRS Guidelines & Key Insights for Forms 1042/1042-S
A withholding agent is required to collect tax documentation upfront in order to document payees as either U.S. or non-U.S. This is a critical step to take when it comes to determining who you are paying. Unlike the Forms W-8, of which there are many… Read More »IRS Form W-9 vs. Substitute Form W-9: What’s The Difference?
What is the Form 1042-S? The IRS Form 1042-S is used to report various types of payments made to foreign individuals or entities. These payments are subject to reporting and withholding requirements under Chapter 3 of the Internal Revenue Code. What type of income is… Read More »Are Your Payments Subject to Form 1042-S Reporting?
Information Returns (IR) Application for Transmitter Control Code (TCC) for Non-U.S. Form 1042-S Filers
The IRS is aware that non-U.S. individuals who are acting on behalf of their non-U.S. employer may not be able to complete the Filing Information Returns Electronically (FIRE) Information Returns (IR) Application for Transmitter Control Code (TCC) as the IR Application for TCC requires a… Read More »Information Returns (IR) Application for Transmitter Control Code (TCC) for Non-U.S. Form 1042-S Filers
What are B and C Notices? B and C notices are notifications issued by the Internal Revenue Service (IRS) to payers and payees regarding discrepancies in taxpayer identification numbers (TINs) and not reporting certain payments required to be reported to the IRS. These notices aim… Read More »Bogged Down by B and C-Notices?
On June 28, 2023, the IRS released a draft version of the Form W-8EXP. Note that the Rev. date is October 2023, so organizations should start to plan for any changes, including collecting and validating the new Form W-8EXP. As expected, there are updates related… Read More »New Draft Form W-8EXP