The IRS is aggressively monitoring and auditing US business’ accounts payable tax compliance in 2017 to meet the provisions established in the Foreign Account Tax Compliance Act (FATCA). This affects how you engage with each business supplier outside the United States.
Laurie Hatten-Boyd, Principal at KPMG LLP, recently shared her insights on the impact of US tax compliance rules for companies paying their global suppliers. In this summary of her one-hour webinar, Hatten-Boyd explains how new FATCA requirements impact organizations with a global supplier base and the legal and financial penalties they may face for non-compliance. Read the executive summary to get the must-have takeaways from the webinar.
Download now to learn best practices for W-8 and W-9 tax compliance, including:
- An overview of US tax rules for companies paying global suppliers, including new FATCA requirements
- Steps your organization can take to avoid legal and financial penalties
- How to ensure your payees select the correct form based on their country and corporate structure
- How to determine which payees require tax withholding by treaty
- The basics around end-of-year 1099/1042-S tax reporting.