US Source Income IRS remitting and reporting rates and requirements.

IRS Remitting and Reporting requirements for U.S. sourced income securities:
•For a US holder that is W9 certified- no IRS backup withholding tax. They receive a 1099DIV form
•For a US holder without a W9 submitted – 28% IRS backup withholding tax needs to be deducted. They receive a 1099DIV form
•For a non-US holder that is W8 certified – IRS NRA tax will be deducted based on the maximum 30% rate or US treaty rate, if applicable – They recieve a 1042-S
•For a non-US holder without a valid W8 – 30% IRS NRA tax will be deducted. They receive a 1042-S.

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Author: Warren Orlans

Welcome to the blog for Intaxicating Tax Services, www.intaxicating.ca. My name is Warren Orlans and I am the owner of inTAXicating Tax Services. With over 17-years experience in the taxation industry, 11 of them working for the Canada Revenue Agency (CRA), and the rest working in the private sector at large financial institutions responsible for resolving tax issues for corporations and individuals and the Canadian lead for a large US bank on FATCA implementation. My tax career began pretty much out of university at the CRA, in Collections, where I moved up, across, over and up again through their division with stops in Enforcement, Taxpayer Relief (then Fairness), Audit, Directors Liability, Training, Mentoring, GST, GST/HST, Payroll, Corporate Tax, Personal tax, and probably much more. If you have a collections, compliance or audit issue with the CRA, MRQ, IRS or with the CRTC, WSIB or any aspect of those agencies, inTAXicating is the place you need to contact. inTAXicating Tax Services has strategic partnerships which allows my team to include amazing tax lawyers, insolvency practitioners, mortgage brokers, debt counselling experts and much more. When dealing with governments, knowledge is power. We possess strong understanding of government so we know what the next step is before the government does. When you have a collections problem with the CRA, do you hire a graphic artist? No, you get a former collector who trained the staff, and who worked as a resource officer for 5 years. Then you know you are on the right track to resolving your tax problem(s). Others offer suggestions. We offer solutions! info@intaxicating.ca

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