Accounts Payable CD Library!

Form 1042 & 1042-S Primer: IRS Reporting Requirements for Payments to Nonresident Aliens (NRA) Compliance

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The reporting of NRA Vendor Payments continues to be an audit issue with potentially large exposure for corporations (especially multi-nationals), colleges, and universities. But you can protect your organization. Learn how to plan a self-review of vendor payments; best practices; and preventive measuresfor management.

An information-packed 60 minutes as Cyrus Daftary, an international tax and regulatory compliance expert, discusses the following:

What are vendor payments? Why are they important?
Basic rules of NRA withholding and reporting
Types of documentation and corresponding requirement
Documentation Issues: How to distinguish between U.S. & Non-U.S. payees
Reporting Payments: When to report & what to report
What you need to do to prepare for an audit and/or health check
Best practices to guard against penalties and withholding liability
Common mistakes and omissions and what you can do to avoid them

There will be plenty of time at the end of the session to ask questions.

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About our Expert: Cyrus Daftary is a partner at Burt, Staples and Maner, LLP specializing in international taxation and regulatory compliance. Mr. Daftary has extensive experience with the United States withholding and reporting rules for U.S. and non-U.S. persons, as well as the U.S. Patriot Act and various anti-money laundering regimes, the European Savings Directive, and e-commerce issues. He has worked with a large number of major financial institutions and multi-national corporations, and is an executive member of Compliance Technologies International, LLC. A popular speaker and writer, Mr. Daftary is a co-author of three editions of the E-Business Legal Handbook, and has taught courses on cyber-law, Internet taxation, and e-commerce as an adjunct professor at Suffolk University School of Law, Northeastern University’s Master of Taxation program and Suffolk University’s Frank Sawyer School of Business.