US Information Reporting and Withholding Requirements

These are challenging times for corporate tax departments, treasury groups and accounts payable teams as they respond to expanded Information Reporting and Withholding Requirements. The IRS has stepped up its enforcement programs, increasing tax risk and penalty potential. This session will focus on the critical need to establish and/or strengthen internal controls to mitigate these risks and costs associated with IRS examinations. The topics covered will include:

• Understanding what payments are being made and the internal controls to identify payments subject to Form 1099, Form 1042, and FATCA requirements;
• Understanding who is the recipient of company payments and the reporting/withholding regimes and implication for each; including U.S. versus non-U.S, Foreign Financial Institutions(FFIs) versus all others, and non-FFIs; and
• Establishing internal controls to account for demands of multiple tax jurisdictions, and the new Intergovernmental Agency frameworks.