The presentation provides a general overview of the reporting and withholding requirements on payments to foreign persons. Definitions include withholding agents, resident aliens and non-resident aliens. Withholding and reporting requirements of payments made to foreign corporations and nonresident aliens sourcing of income, effectively connected income, are all discussed. References to related topics are also provided. A question and answer period and Power Point presentation are included in the program.

A new Money Services Business Manual was recently released.  A money services business, or MSB, is a non-bank business that offers money services such as check cashing, money orders, traveler’s checks, money transfers, currency dealing or exchange, and stored value products.

Beginning in 2011, tax return preparers who prepare all, or substantially all, of a Federal tax return (for compensation) will be subject to new requirements.

You may work with federal tax information or FTI, as it's known.  Sensitive personal and financial information about taxpayers is protected by law.

Part 1 of a series that covers the Examination audit process.  When examining a return, it is an IRS examiner’s responsibility to ensure that the appropriate return preparer standards of the Internal Revenue Code are followed.

Part 2 of a series that covers several aspects of the new legislation relating to return preparer penalties, and the Notices and the Revenue Procedure issued by the Department of Treasury and the IRS.

Part 3 of a series that covers several aspects of the Final Regulations relating to return preparer penalties.