Tax Compliance and Reporting José A. Carus, Jr. Tax Compliance Manager.

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Presentation transcript:

Tax Compliance and Reporting José A. Carus, Jr. Tax Compliance Manager

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Tax Compliance and Reporting Resources In 2019 the Tax Compliance and Reporting web page was: Reviewed Revised Re-Designed Updated Improved Etc. Policy and Procedures – Tax Reporting and Reporting https://businessservices.wisc.edu/accounting/tax-compliance- and-reporting/

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Tax Compliance and Reporting Web Page A few notes on the new web page: The folders now use an accordion style where you can select any folder with a plus (+) before it and you can expand or collapse the folder depending on your needs. Expand to see all details/topics under the folder or collapse to see just the main topics/areas. We have included payments be category of who you are paying (Employees, Non-Employees, Non-resident Aliens, Entertainers, Students) We have also provided for the forms used with tax related transactions plus an explanation of the purpose of the form and samples. In putting together the new web page Tax Compliance and Reporting has tried to (1) answer all your questions, (2) provide URL/links to referenced web pages, and (3) provide answers to the who, what, when, where , and why questions. This is based on my conversations with you, my users, and your departments over my many year at the UW. I am excited at the work we did on the Tax Compliance web page. I hope after looking at the new and improved web page that you are also as excited as I am and find it very useful. This new/revised page has one purpose and that is to helps and assist you, my colleagues and user, in doing your work and understanding how things are done and why they are done. Please bookmark the Tax Compliance and Reporting web page and use it often to answers questions you might have in the tax compliance and reporting area. If you have suggestions for improvements please don’t hesitate to let me know as this is your web page, as much as mine.

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Tax Compliance and Reporting What is Tax Compliance and what does it mean to the UW in general and the departments in particular? See handout for Tax Compliance Mission, Goals, and Objectives https://businessservices.wisc.edu/accounting/tax-compliance- and-reporting/about-tax-compliance-and-reporting/

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Payment to Employees How to make employee payments Who is an employee Who is not an employee Employees of other UW System Campuses What payment mechanism should be used to pay employees Campus responsibility Accounting Services responsibility Audits Summary Fringe Benefit Tax Reporting (Relocation, Non-Overnight Meal, Educational Assistance, Accountable Pan Payments Made After 90 Days)

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Payments to Non-Employees Tax Reportable Payments What are tax reportable payment Processing Tax Reportable Payments What Account Codes to use to process tax reportable transactions Resolving tax issues prior to payment Backup withholding for tax reportable payment to U.S. tax residents What is backup withholding How to Complete the PIR when 24% Backup Withholding is required

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Payments to Non-Employees Refunds of over withholding Reporting Tax Reportable Payments 1099-MISC reporting (Payments to U.S. Persons) 1042-S Reporting–Payments to Nonresident Aliens (NRA) Year-End Tax Reportable Responsibilities

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Payment to Nonresident Aliens (NRA) Who is a Nonresident Alien (NRA) Process and Documentation Required to Pay a Nonresident Alien (NRA) For services performed outside the U.S. and its territories For services performed in the U.S. and its territories Withholding Calculation of Amount Withheld Refund of Over Withholding

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Payment to Nonresident Aliens (NRA) How to Apply for the Individual Taxpayer Identification Number (ITIN) Immigration and Tax Documentation (Includes Samples)

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Payment to Nonresident Aliens (NRA) Two most important things to remember when dealing with Non- Resident Aliens (NRAs): Proper planning, asking questions, and research are the most important things to remember to do before inviting an NRA to your campus. Note: Campus personnel have a tendency to invite people before asking the business office about requirements for NRAs. Educating, training, and informing your campus personnel on NRA requirements are critical so your campus does not invite someone we cannot pay. The visa status of the NRA on their current trip to the U.S. regulates what can and cannot be paid to the visitor.

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Entertainers Definition of a Nonresident Entertainer or Public Speaker Who is an Employer Account Code to use for nonresident entertainer or public speaker Withholding requirements for Nonresident Entertainer and Public Speaker Payments Completing the WT-11 Who can sign the entertainer and public speaker contracts Campus responsibility for Nonresident Entertainer or Public Speaker payments How to address Third Party Payments for Entertainers or Public Speakers

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Student Payments and Tax Documents Tuition Reporting (1098-T and 1098-E) Please refer to the UW System Administration web page at https://www.wisconsin.edu/financial-administration/special-topics/tax- issues-2/1098-t-and-1098-e-tax-reporting/ for information on how to gather, report, and submit tuition tax reporting (1098T) and student loan interest reporting (1098E) information to UW System Administration for reporting purposes. Please refer to the UW-Madison Bursar web page for information regarding tax policy, and other information that students and parents need to know. Student Organizations View payment details related to Student Organizations.

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Student Payments and Tax Documents Student Payment Guide Tool All payments to students must follow the guidelines/tool provided at Payments to Students. These guidelines/tool provide assistance to users in determining the intent of a payment made to a student and the proper payment mechanism to use to make the payment to a student. It also provides guidelines for correct payment procedures to ensure compliance with all applicable federal, state, and UW rules and regulations.

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Scholarship Payments to U.S. Residents UW-Madison Bursar's Office This process can only be used for U.S. Persons (Citizens, Permanent Residents, Resident Aliens) Payments to Nonresident Aliens (NRA) cannot use this process but must be paid through Payroll because of the immigration documents and tax requirements for NRA’s Each participating department will submit an Excel file with student, scholarship, and funding information. The ISIS Student financial system will read the formatted file, verify the data, then post the data directly to each student’s tuition account.

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Scholarship Payments to U.S. Residents UW-Madison Bursar's Office Scholarships posted to student accounts with active financial aid will not be refunded until the Financial Aid Office has a chance to review the student’s aid and repackage it per federal regulations. Any tuition balance will be paid first before any refund is given to the student. After verification, students with credit balances will receive a refund check. Weekly, the ISIS Student Financial system generates a Journal file for the Shared Financial System (SFS) that contains student, funding and payment information. SFS validates the data and records it in its system. The detailed accounting information will be available in WISDM for Schools and Colleges to query.

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Authorized Methods for Processing Tax Reportable Payments Direct Payment (DP) = YES Payment to Individual Report (PIR) = YES E-Reimbursement = NO P-card = YES as of 01/01/2011 Personal Funds (and expect reimbursement) = NO Important: See article in Administrative News Newsletter, September 2010, Page 4, right side near bottom in Tax Area. Link is: find link

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Authorized Methods for Processing Tax Reportable Payments Effective January 1, 2012, organizations are no longer required to report on tax reportable payments made with a credit card. As a result, the University will no longer be required to file an IRS Form 1099-MISC for taxable payments made with Purchasing Cards. Payment settlement entities (e.g. acquirers and third-party settlement organizations) will instead be required to report on all credit card transactions settle by their networks. For further details see General FAQs on Payment Card and Third Party Network Transactions.

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Contacts Divisional Business Deans Office Tax Compliance Office José A. Carus, Jr. 21 North Park Street, Suite 5301, Room 5352 Madison, WI 53715-1218 Phone: (608) 262-0582 E-Mail: jose.carus@wisc.edu

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Questions

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Thank you!

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