The hardest thing in the world to understand is the income tax. Albert Einstein FOUNDATIONS IN UNIVERSITY FINANCE UNIVERSITY TAX
|
|
- Sara Jones
- 5 years ago
- Views:
Transcription
1 The hardest thing in the world to understand is the income tax. Albert Einstein FOUNDATIONS IN UNIVERSITY FINANCE UNIVERSITY TAX
2 University Tax Cassandra Franks, CPA Director, University Tax Services Financial Management Services Participant Outcomes Recognize when payment situations have tax consequences Payments made Payments received Locate and use the available resources to review procedures, inform stakeholder of potential tax issues, and appropriately report payments INDIANA UNIVERSITY 1
3 University Tax: Our Agenda 1. Some Basics a. Why we should care about tax reporting b. About University Tax Services c. IU s tax status 2. Tax Reporting and Related Issues a T Payments made to students b. W-2 Payments made to employees c MISC Payments made to vendors d S Payments made to international individuals e. ST-103 Payments made with sales tax 3. Tax Support INDIANA UNIVERSITY 2
4 Test Question Tax will be your favorite FiUF topic! Use your clicker to submit your answer: A. True B. False 100% 0% True False INDIANA UNIVERSITY 3
5 We should care about proper tax reporting because we want to: Use your clicker to submit your answer: A. Be good corporate citizens and follow the law 100% B. Avoid fines and penalties C. Provide accurate information on required tax forms to others D. Avoid reputation harm E. All of the above F. Never mind. IU doesn t pay tax (not-for-profit) 0% 0% 0% 0% 0% A. B. C. D. E. F. INDIANA UNIVERSITY 4
6 University Tax: Basics We need a tax office because we: Receive funds from and provide funds to students Pay employees Engage in revenue-generating (auxiliary) activities Pay for services and rentals INDIANA UNIVERSITY 5
7 University Tax Services: Mission Our mission is to contribute to the University's overall success by advancing compliance with Federal and State tax laws throughout the university community by acting as the unified resource for interpretation, education, and enforcement with regard to tax issues. INDIANA UNIVERSITY 6
8 University Tax Services Organized as a full service department with 10 staff members Keeping IU compliant with: Internal Revenue Service Social Security Administration State and local jurisdictions IU policies INDIANA UNIVERSITY 7
9 University Tax Services COMPLIANCE EDUCATION Payroll Tax Consultation Nonresident Alien Tax Sales Tax Full Service Office Seminars Web Resources Unrelated Business Income Tax Misc. Tax Forms Communication INDIANA UNIVERSITY 8
10 About IU s Tax Status Indiana University maintains dual status: 1. Instrumentality of the State of Indiana Governmental Entity Sec. 115 Established by the State Legislature 2. Exempt Organization Nonprofit organization Sec. 501(c)(3) Indiana University s Primary Purpose: Teaching, research, and public service INDIANA UNIVERSITY 9
11 Reality is IU is a BIG Taxpayer Total Payroll and Retirement Payments Retirement, $203,830,646, 33% Payroll Retirement Payroll, $417,558,519, 67% INDIANA UNIVERSITY 10
12 Not just payroll tax Non-Payroll Tax Payments Other Tax, $96,129.21, 6% Sales/Innkeepers, $1,034,317.33, 57% NRA, $473,572.52, 26% UBIT, $203,146.00, 11% NRA UBIT Sales/Innkeepers Other Tax INDIANA UNIVERSITY 11
13 Forms Reported , T 78% delivered electronically 52,116 W-2, 79% delivered electronically 9, E 5, Misc R K 2, S Weekly, Monthly, Quarterly, and Annual payments and returns (Total of 714 payments/returns) INDIANA UNIVERSITY 12
14 Tax Reporting INDIANA UNIVERSITY 13
15 FORM 1098-T Tuition Statement 107,802 forms, 78% electronic delivery INDIANA UNIVERSITY 14
16 Form 1098-T Tuition Statement Reports Bursar Data (SIS) Payments received for qualified tuition and related expense Scholarships and grants Information only form for educational tax credits ONLY at this time Lifetime Learning and American Opportunity INDIANA UNIVERSITY 15
17 What do you think of when you hear the word stipend? Use your clicker to submit your answer: 100% A. Living allowance B. Scholarship C. Wage D. Payment E. Not Sure 0% 0% 0% 0% Living allowance Scholarship Wage Payment Not Sure INDIANA UNIVERSITY 16
18 Stipend: Defined sti pend noun 1. a periodic payment, especially a scholarship or fellowship allowance granted to a student. 2. fixed or regular pay; salary. stipend = payment Ask yourself What is my payee doing for the money? INDIANA UNIVERSITY 17
19 Payments of Scholarship/Fellowship Must follow Federal Financial Aid Compliance and Department of Education Payments to students must be made through SIS Any exceptions paid on a DV must be approved by campus RARE! Payment to nonstudents need to be analyzed Policy SPA , Payments and fee Remissions to Graduate Students on Sponsored Programs INDIANA UNIVERSITY 18
20 FORM W-2 Wage and Tax Statement 52,116 forms, 79% electronic delivery INDIANA UNIVERSITY 19
21 Form W-2 Wage and Tax Statement Reports Payroll Data (HRMS): Wages Taxes withheld Additional reportable amounts INDIANA UNIVERSITY 20
22 Form W-2 Wage and Tax Statement Additional Reportable Amounts: Non-Cash Fringes Graduate-level tuition benefit reported by Tax/HR Reported provided by HR and Bursar automatically applied to Employee s paycheck, Tax notifies EE via For tuition paid by department on behalf of employee, call Tax may be other reporting issues if not considered a Working Condition Fringe Benefit = REQUIRED for the position Prizes and awards reported by departments Need to complete a Prize Data Collection Form from Tax website for all prizes given, not just to employees Also see policy VII-4 Drawings, Games and Prizes Gifts to employees (clothing, other items) reported by departments Non-cash (or cash) items given to employees Also see policy FIN-ACC-I-590 on Gifts to Employees or Non- Employees INDIANA UNIVERSITY 21
23 Form W-2 Wage and Tax Statement Additional Reportable Amounts: Non-Cash Fringes Moving expenses reported by departments, reviewed by Tax Submit DV using 5070 object code, Tax reviews for allowable vs. unallowable Also see policy FIN-ACC-I-310 on Moving Expenses New policy in draft for 2016!!! Complimentary tickets (Athletic or Entertainment) reported by Tax Department to submit to Tax for payroll reporting Personal use of an IU vehicle reported by Tax Tax issues questionnaires each year department to report personal use of car INDIANA UNIVERSITY 22
24 Form W-2 Wage and Tax Statement IRS Accountable Plan Exclusion from taxable wages (when certain rules are followed): 60 day rule applies Travel reimbursements Handled by Travel Management Services See Policy FIN-TRV-2.0 for Reimbursement of Travel Expenditures Reimbursement for out of pocket expenses Policy for FIN-ACC-I-620 Reimbursement Under the Accountable Plan Reimbursements need to be substantiated within 60 days or deemed taxable income to individual INDIANA UNIVERSITY 23
25 Form W-2 Wage and Tax Statement Withholding income tax in other states Over 200 employees living and working in 40 registered states New Primary Work Location field in HRMS Driven by Hire, Promote, Demote, Transfer or Maintain Job Data edoc Tax is notified by departments of the change in location this drives tax withholding and paychecks INDIANA UNIVERSITY 24
26 FORM 1099-MISC Miscellaneous Income 5,734 forms INDIANA UNIVERSITY 25
27 Form 1099-MISC Miscellaneous Income Reports KFS Data: Rents, Royalties, other income, medical and health care payments and nonemployee compensation To corporations and non-corporations Prizes and Awards! INDIANA UNIVERSITY 26
28 Form 1099-MISC Miscellaneous Income Object Codes DRIVE Tax Reporting SEE FULL LISTING ON FMS TAX WEBSITE! Rents Royalties Form 1099-MISC Other Income Nonemployee Compensation Medical & Healthcare INDIANA UNIVERSITY 27
29 Form 1099-MISC Miscellaneous Income Object Codes Drive Tax Reporting Rents Costume Rentals: 4610 Equipment Rentals: 4615, 4620, 5391 Space Rental: 4680, 4694 Rents INDIANA UNIVERSITY 28
30 Form 1099-MISC Miscellaneous Income Object Codes Drive Tax Reporting Royalties Royalties: 4506, 4673, 4674, 4675, 4676 Rights and Permissions: 4670, 7671 Royalties INDIANA UNIVERSITY 29
31 Form 1099-MISC Miscellaneous Income Object Codes Drive Tax Reporting Other Income Research participants/participant fee: 4061, 4087, 4561 Prize and award: 4866 Other Income INDIANA UNIVERSITY 30
32 Payments for Prizes/Awards Reportable as Other Income, Reported on 1099-MISC Recognition of special achievement, special skill, knowledge, or special renown in a certain area Cash or non-cash prize reportable See IU Policy VII-4 Drawing, Games and Prizes Other Income INDIANA UNIVERSITY 31
33 Form 1099-MISC Miscellaneous Income Object Codes Drive Tax Reporting Medical and Healthcare Physician Fees: 4563 Laboratory Service: 5074 Fees Medical: 4524 Medical & Healthcare INDIANA UNIVERSITY 32
34 Form 1099-MISC Miscellaneous Income Object Codes Drive Tax Reporting Nonemployee Compensation Over 80 object codes, from artist to waste disposal Nonemployee Compensation INDIANA UNIVERSITY 33
35 Form 1099-MISC Miscellaneous Income Object Codes Drive Tax Reporting Common Errors Nonemployee Comp COMMON ERROR Graphic Designer 4166 Printing and Duplication, instead of 4520 Contracted Services INDIANA UNIVERSITY 34
36 Form 1099-MISC Miscellaneous Income Object Codes Drive Tax Reporting Common Errors Nonemployee Comp COMMON ERROR Guest Speaker 4013 Conference & Workshops, instead of 4535 Honoraria INDIANA UNIVERSITY 35
37 Form 1099-MISC Miscellaneous Income Object Codes Drive Tax Reporting Common Errors Nonemployee Comp COMMON ERROR Employee Reimbursement Use of service or rental object codes Creates 1099-MISC for employee INDIANA UNIVERSITY 36
38 A lot of reportable object codes can be found on the University Tax Services web page. 100% Use your clicker to submit your answer: A. True B. False 0% True False INDIANA UNIVERSITY 37
39 misclassification INDIANA UNIVERSITY 38
40 Employee vs Independent Contractor Misclassification W-2 or 1099-MISC Misclassification: Results in the wrong tax form generation: W-2 v MISC Is a hot topic for IRS Can be avoided by following IU Policy IV-220 Determination of Employee or Independent Contractor Status Deem to be an employee unless meets criteria Complete the Interactive Independent Contractor Questionnaire see Tax website! INDIANA UNIVERSITY 39
41 Independent Contractor Employee INDIANA UNIVERSITY 40
42 Employee vs Independent Contractor Misclassification W-2 or 1099-MISC Attributes of a Independent Contractor: Service is of short duration Established business Determines how to do the work Risk of financial loss Hires/pays workers Not teaching, researching, or providing instruction this is IU s mission! INDIANA UNIVERSITY 41
43 Employee vs Independent Contractor Misclassification W-2 or 1099-MISC Attributes of an Employee Service is of longer duration Provided tasks, tools, and instruction Protected from risk of financial loss Teaching/Research Services provided to support primary purpose of institution Similar services provided by other employees INDIANA UNIVERSITY 42
44 Case Studies INDIANA UNIVERSITY 43
45 Case Study 1: Robert Brannon Robert Brannon should be classified as an independent contractor and paid through KFS on a DV. 100% Use your clicker to submit your answer: A. True B. False 0% True False INDIANA UNIVERSITY 44
46 Case Study 2: Marie Higgins Marie Higgins should be classified as an independent contractor and paid through KFS on a DV. 100% Use your clicker to submit your answer: A. True B. False 0% True False INDIANA UNIVERSITY 45
47 FORM 1042-S Foreign Person s U.S. Source Income Subject to Withholding 2,070 forms INDIANA UNIVERSITY 46
48 Form 1042-S Foreign Person s U.S. Source Income Subject to Withholding Reports KFS, HRMS and SIS Data All income types paid to nonresident aliens under a different tax code than U.S. persons Similar to W-2 and 1099-MISC for U.S. persons INDIANA UNIVERSITY 47
49 U.S. Person vs Non-U.S. Person Type of Payment Wages (Employment) Independent Contractor U.S. Person Withhold Tax Yes No Reportable Yes W-2 Yes 1099-MISC Non-U.S. Person Withhold Tax Yes Yes Reportable Yes Yes Services by Corporation No No Yes Yes Royalty No Yes 1099-MISC Yes Yes Prize & Award No Yes 1099-MISC Yes Yes Scholarship/Fellowship No No Info 1098-T Yes Yes Purchase of product No No No No Rental/Lease No Yes 1099-MISC Yes Yes INDIANA UNIVERSITY 48
50 Form 1042-S Foreign Person s U.S. Source Income Subject to Withholding Who are nonresident aliens? Foreign visitors International Students International Teachers or Researchers Enter the U.S. on a non-immigration visa, such as F-1, J-1, B-1 Have not passed the substantial presence test INDIANA UNIVERSITY 49
51 Form 1042-S Foreign Person s U.S. Source Income Subject to Withholding Wages to Nonresident Aliens Special withholding tables apply Students, faculty and staff complete the International Tax Questionnaire Treaty benefits may be available University Tax Services determines tax status, based on the questionnaire (FNIS) INDIANA UNIVERSITY 50
52 Form 1042-S Foreign Person s U.S. Source Income Subject to Withholding Scholarships to Students Non-qualified scholarships are subject to tax withholding Non-qualified scholarship: all scholarship less qualified educational expense (tuition), less book allowance Student Information System (SIS) automatically withholds federal and state tax. INDIANA UNIVERSITY 51
53 Payments to Foreign Vendors NON-TAXABLE Payments for: Goods Services performed outside the U.S. Tax treaty TAXABLE Payments for: Services performed inside the U.S. Internet access used in the U.S. Royalties used inside the U.S. INDIANA UNIVERSITY 52
54 Form 1042-S Foreign Person s U.S. Source Income Subject to Withholding Payments to Foreign Vendors U.S. or Foreign, as established on the KFS vendor record. (W-9 or W-8) All payments to foreign vendors require University Tax Service review KFS document initiators should leave a note if payment is for goods or foreign-sourced services INDIANA UNIVERSITY 53
55 Form 1042-S Foreign Person s U.S. Source Income Subject to Withholding Short-term Visitor Preplanning Payment? Travel and/or Honorarium Set expectations! Invite letter is highly recommended Documents to collect Is the department going to pay the taxes? Is there a tax treaty? More information at FMS website Tax has assembled a committee of functional, central administrative departments to draft guide on making payments to foreign individuals 2016! INDIANA UNIVERSITY 54
56 When would tax be charged to a foreign vendor? Use your clicker to submit your answer: A. Purchase of goods from a foreign vendor 100% B. International faculty with treaty benefits C. Foreign student with qualified scholarship D. Foreign speaker from a nontreaty country 0% 0% 0% A. B. C. D. INDIANA UNIVERSITY 55
57 DRAFT Payment Guidelines INDIANA UNIVERSITY 56
58 FORM ST-103 State of Indiana Sales and Use Tax Filed each month INDIANA UNIVERSITY 57
59 Form ST-103 Indiana Sales and Use Tax Reports KFS Data: Sales tax collected on proprietary activities at the department level and remitted at time of sale University Tax Services makes total University payment each month Total of $1,034, paid for sales taxes in 2015 INDIANA UNIVERSITY 58
60 Collecting Sales Tax Associated with a private business Outside the scope of activities Proprietary activity (taxable) INDIANA UNIVERSITY 59
61 Collecting Sales Tax INDIANA UNIVERSITY 60
62 For which activity would sales tax not be charged? Use your clicker to submit your answer: 100% A. Surplus store sales B. Museum gift shop C. Collection of tuition D. Food to non-students 0% 0% 0% A. B. C. D. INDIANA UNIVERSITY 61
63 FORM 990-T Unrelated Business Income Tax Return Filed annually INDIANA UNIVERSITY 62
64 Pre-test Question Widgets are sold by a department and the funds will be used to pay for student scholarships is this considered unrelated business income? Use your clicker to submit your answer: A. True B. False 50% 50% True False INDIANA UNIVERSITY 63
65 Unrelated Business Income (UBI) IU does in fact pay income taxes Total of $203,146 for FY2014 Any revenue generating activity that s outside our IU mission of teaching and research Treasury requires RPAQ approval prior to initiation See IU Policy FIN-TRE-VI-121 Establishing and Modifying Revenue Producing Activities (RPA) INDIANA UNIVERSITY 64
66 UBI Examples Advertising income Catering Corporate sponsorship payments Sports camps Use of facilities by the public Key UBIT Concept: How the Funds are Used Does Not Matter How the Funds are Earned Does Matter INDIANA UNIVERSITY 65
67 In general, Tax analysis is based on Facts & Circumstances. The tax department is trained to provide guidance to the university community in order to keep the university in compliance, but we need your help. Know when to call and share your facts! When in doubt, INDIANA UNIVERSITY 66
68 CONTACT INFOMATION University Tax Services Fax: INDIANA UNIVERSITY 67
The hardest thing in the world to understand is the income tax. Albert Einstein FOUNDATIONS IN UNIVERSITY FINANCE UNIVERSITY TAX
The hardest thing in the world to understand is the income tax. Albert Einstein FOUNDATIONS IN UNIVERSITY FINANCE UNIVERSITY TAX University Tax Cassandra Franks, CPA Director, University Tax Services Financial
More informationFOUNDATIONS IN UNIVERSITY FINANCE UNIVERSITY TAX
FOUNDATIONS IN UNIVERSITY FINANCE UNIVERSITY TAX University Tax Cassandra Franks Director, University Tax Services Financial Management Services Participant Outcomes Recognize when payment situations have
More informationFOREIGN NATIONAL TAX PROCEDURES GUIDE FOR DEPARTMENTS. Document created and modified by Financial Services Revised February 8, 2018
FOREIGN NATIONAL TAX PROCEDURES GUIDE FOR DEPARTMENTS Document created and modified by Financial Services Revised February 8, 2018 Table of Contents Pages Introduction 1 Definition of Terms 2-5 Frequently
More informationRUTGERS POLICY. Responsible Executive: Senior Vice President for Finance and Administration
RUTGERS POLICY Section: 40.2.5 Section Title: Fiscal Management Policy Name: Policies and Procedures for Payment for Intellectual Property, Honoraria or other Miscellaneous Services, and Payments to Nonresident
More informationUNIVERSITY OF DAYTON NONRESIDENT ALIEN TAX GUIDE CONTENTS COMMON VISA TYPES AND THEIR TREATMENTS
UNIVERSITY OF DAYTON NONRESIDENT ALIEN TAX GUIDE CONTENTS I. RESPONSIBILITIES II. III. IV. SOCIAL SECURITY NUMBER REQUIREMENT DEFINITIONS TAX TREATIES V. PAYMENTS TO NONRESIDENT ALIENS VI. COMMON VISA
More informationVendor Set-Up Process
Vendor Set-Up Process Office of the Controller April 26, 2018 Karen Kittredge, Manager, Policy and Business Process Teri DeLeon, Procure to Pay Manager Sharon Henry-Bell, Accounts Payable Operations Supervisor
More informationNonresident Alien Tax Compliance
www.arcticintl.com ARCTIC INTERNATIONAL LLC Nonresident Alien Tax Compliance A Closer Look The Who, What When, How and Why... NACUBO Tax Forum 2013 Who... is required to withhold and report?... is a Nonresident
More informationFOREIGN VISITOR TAX GUIDE
FOREIGN VISITOR TAX GUIDE University of Missouri-St. Louis The Foreign Visitor Tax Guide (Rev February 2017) is consistent with UMSL s policies and procedures for making payments to nonresident aliens.
More informationPresentation to the Financial Administrator Development Program Financial & Tax Policies/Processes
Presentation to the Financial Administrator Development Program Financial & Tax Policies/Processes November 27, 2012 Lee Hunter, Manager, Accounting Beth Powers, Tax Manager, Financial & Cost Analysis
More informationSECTION C: Tax Manual I MISC
SECTION C: Tax Manual I. 1099-MISC The Internal Revenue Service requires a 1099-MISC form be issued to independent contractors, other individuals, LLCs, and unincorporated businesses that have received
More informationNonresident Alien Tax Compliance Workshop Comprehensive Overview and Update of the Issues
Day One: Monday October 17, 2016 Comprehensive Overview and Update of the Issues 8:00 8:30 Registration 8:30 8:45 Welcome, Introduction and Workshop Goals 8:45 10:30 Getting Started: An Overview of the
More informationPresentation to the Financial Administrator Development Program Financial & Tax Policies/Processes
Presentation to the Financial Administrator Development Program Financial & Tax Policies/Processes November 23, 2015 Beth Powers, Tax Manager, Financial Analysis & Reporting Lee Hunter, Chief Accountant,
More informationWest Chester University. Taxation Issues Nonresident Aliens
West Chester University Taxation Issues Nonresident Aliens Agenda Tax Compliance Issues Nonresident aliens (NRA) o Vendor Payments o Scholarships o Tuition Waivers o Prizes o Stipends Tax related Forms
More informationTax Workshop for MIT Students and Scholars. Residents for Tax Purposes
Tax Workshop for MIT Students and Scholars Residents for Tax Purposes Wednesday March 6, 2019 1 Presenters Present Information: Chris Durham Assistant Director of HR/Payroll & Merchant Services Jodi Kessler
More informationThis policy outlines circumstances in which payment of honoraria is appropriate, defines eligibility, tax implications and payment procedures.
Honorariums Summary This policy outlines circumstances in which payment of honoraria is appropriate, defines eligibility, tax implications and payment procedures. Applicability and Authority This procedure
More informationTax Workshop for MIT Students and Scholars. Residents for Tax Purposes. Download Slides here: https://goo.gl/q1tigg
Tax Workshop for MIT Students and Scholars Residents for Tax Purposes Download Slides here: https://goo.gl/q1tigg Monday, February 26, 2018 1 Presenters Present Information: Chris Durham HR/Payroll Manager,
More informationRULES GOVERNING PAYMENT PROCESSING FOR FOREIGN NATIONALS
RULES GOVERNING PAYMENT PROCESSING FOR FOREIGN NATIONALS PAYMENT ELIGIBILITY Eligibility to receive specific types of payments is determined by the foreign national s visa status https://www.obfs.uillinois.edu/obfshome.cfm?path=foreignsecure
More informationEducation, Taxes, & Benefits. Duke University August 22, 2017
Education, Taxes, & Benefits Duke University August 22, 2017 Megan Hutchinson, CPA Senior Manager - Tax Raleigh Office DISCUSSION POINTS TYPES OF INCOME TAXABLE v NON-TAXABLE QUALIFIED v NON-QUALIFIED
More informationPayments to Foreign Nationals. March 9, 2015
Payments to Foreign Nationals March 9, 2015 Workshop Presenters Kelly Sellers University Payroll and Benefits Assistant Payroll Manager Kami Van Bellehem University Payroll and Benefits Payroll Specialist
More informationWebinar Tax Treatment for Scholarships and Fellowships
1 Financial Management Office May 1, 2014 Updated as of 5/16/2014 Webinar Tax Treatment for Scholarships and Fellowships 2 Webinar Instructions Web conference login: URL: http://www.hawaii.edu/halawai/login.htm
More informationI. Policy: All other University Finance policies and procedures apply in addition to those stated in this document.
Page 1 of 5 Subject: Applies to: Payments to Foreign Nationals (except salary/wage payments) For information regarding Employment of Foreign Nationals please see Personnel Policy 124: http://www.rochester.edu/working/hr/policies/pdfpolicies/124.pdf.
More informationSUBJECT: Payments to Nonresident Aliens
Number 43 UNIVERSITY OF MAINE SYSTEM Issue 1 Page 1 of 2 Date 1/18/02 ADMINISTRATIVE PRACTICE LETTER INTRODUCTION SUBJECT: Payments to Nonresident Aliens United States tax law requires the University of
More informationPayments to Foreign Nationals. March 11, 2013
Payments to Foreign Nationals March 11, 2013 Workshop Presenters Denise Esworthy University Payroll and Benefits Assistant Payroll Manager Kami Van Bellehem University Payroll and Benefits Payroll Specialist
More informationPrize, Grant, Award or Fellowship Policy Review Session
Prize, Grant, Award or Fellowship Policy Review Session Office of the Controller Karen Kittredge, OC, Manager Policy and Business Process Natasha Rivera, OC, Nonresident Alien Compliance Manager 1 Financial
More informationInternational Students and Scholars Nonresident Tax Orientation. February 14, 2018
International Students and Scholars Nonresident Tax Orientation February 14, 2018 Nonresident Tax Orientation Agenda General Overview of U.S. Tax and Tax Forms Items subject to tax NRA Documentation Requirements
More informationTax Information for Foreign National Students, Scholars and Staff
Information for Foreign National Students, Scholars and Staff I. Introduction For federal income tax purposes, foreign national students and scholars are categorized in one of two ways: Nonresident alien
More informationDisbursement Voucher CERTIFICATION COURSE. Town Hall Meeting
Disbursement Voucher CERTIFICATION COURSE Town Hall Meeting Introductions Presenter Tracey Mui, Training & Documentation Specialist, FMS Q&A Panel Subject Matter Experts Accounts Payable, FMS: Charlie
More informationPrinceton University International Undergraduate Student Tax Compliance Overview. Presented By Karen Murphy-Gordon September 2, 2011
Princeton University International Undergraduate Student Tax Compliance Overview Presented By Karen Murphy-Gordon September 2, 2011 Agenda Who we are and what we do What is expected of you How you are
More informationFOREIGN NATIONAL PAYMENT GUIDE
FOREIGN NATIONAL FOREIGN NATIONAL PAYMENT GUIDE PAYMENT GUIDE May-2018 UNIVERSITY OF PENNSYLVANIA Contents Chapter 1: Foreign National Payment Guide... 3 1.1 Visa Matrix... 3 Chapter 2: Nonresident New
More informationPrinceton University International Graduate Student Tax Compliance Overview. Presented By Karen Murphy-Gordon September 9, 2011
Princeton University International Graduate Student Tax Compliance Overview Presented By Karen Murphy-Gordon September 9, 2011 Agenda Who we are and what we do What is expected of you How you are paid
More informationFOUNDATIONS IN UNIVERSITY FINANCE FINANCIAL POLICIES
FOUNDATIONS IN UNIVERSITY FINANCE FINANCIAL POLICIES Chart of Accounts Anna Jensen University Chief Accountant Participant Outcomes Develop a general awareness of university policies and how to locate
More informationPayments to Non-Resident Aliens
Payments to Non-Resident Aliens Finance and Administration Financial Operations The Office of Disbursements Who Is a Non-Resident Alien? Index Why Are Payments to Non-Resident Aliens Subject to Tax Withholding?
More informationHONORARIUM PAYMENTS POLICY
HONORARIUM PAYMENTS POLICY POLICY CONTENTS Policy Statement Effective Date: April 12, 2013 Reason for Policy Last Updated: April 12, 2013 Who Should Read this Policy Policy Text Responsible University
More informationCSU 101 Tax Discussion Monterey 2011
CSU 101 Tax Discussion Monterey 2011 Marc F. Benadiba Assistant Director Fiscal Services Cal Poly San Luis Obispo CSU Tax Discussion Contrary to popular belief, there are significant tax issues on CSU
More informationFinancial Accounting & Reporting. Foreign National Tax Responsibilities
Foreign National Tax Responsibilities What is FNIS? Foreign National Information System (FNIS) is a web based, data entry software application used to analyze tax status, determine treaty eligibility,
More informationTAX GUIDE FOR FOREIGN VISITORS. Anne E. Davenport, CPA October 2012
TAX GUIDE FOR FOREIGN VISITORS FOR USE BY: All Employees and Students Anne E. Davenport, CPA October 2012 Updated June 24, 2016 Table of Contents Introduction...1 Section 1: Definition of Terms...2 1.1
More informationINTERNATIONAL TAX. Presented by Fiscal Services
INTERNATIONAL TAX Presented by Fiscal Services Agenda Overview Definitions Travel Reimbursements Scholarships/Fellowships Self-Employment Income Payments Vendor Payments Objectives Understand International
More informationACCOUNTS PAYABLE POLICIES AND PROCEDURES
Responsible University Administrator: Vice President of Finance and Administration Responsible Officer: Director of Procurement and Contract Services Origination Date: N/A Current Revision Date: 02/20/13
More informationRESTRICTED ACCOUNT POLICY TABLE OF CONTENTS
RESTRICTED ACCOUNT POLICY TABLE OF CONTENTS Page Number I. FUNDING SOURCES A. Income 1 B. Honorariums 3 C. Royalties 4 D. Grants 4 E. Contributions by Account Administrators 5 F. Undocumented Gifts 5 G.
More informationForeign National Tax Responsibilities
1 Cali California State University, Sacramento Foreign National Tax Responsibilities 2 What is FNIS? Foreign National Information System (FNIS) is a web-based, data-entry software application used to analyze
More informationNon U.S. Resident Taxes (NRA) University of Washington Student Fiscal Services
Non U.S. Resident Taxes (NRA) University of Washington Student Fiscal Services 1 Agenda U. S. Source of Income Scholarships Fellowships Tuition Waivers Prizes Stipends Social Security Number Tax Related
More informationDisbursement Guidelines
Disbursement Guidelines GENERAL GUIDELINES FOR FUND DISBURSEMENTS The University of Montana Foundation is a charitable corporation that receives and administers private contributions that support The University
More informationNONPROFIT TAX HOT ITEMS: IRS ISSUES, FORM 990 AND LEGISLATION
NONPROFIT TAX HOT ITEMS: IRS ISSUES, FORM 990 AND LEGISLATION MACPA Government and Not For Profit Conference April 17, 2015 Mike Sorrells, BDO USA, LLP National Director Nonprofit Tax Services Agenda Update
More informationNONPROFIT TAX HOT ITEMS: IRS ISSUES, FORM 990 AND LEGISLATION
NONPROFIT TAX HOT ITEMS: IRS ISSUES, FORM 990 AND LEGISLATION MACPA Government and Not For Profit Conference April 17, 2015 Mike Sorrells, BDO USA, LLP National Director Nonprofit Tax Services Agenda Update
More informationTitle: Business Expense Policy and Guidelines Prepared by: Controller s Office Administrator: University Controller Created: July 1, 2012
Title: Business Expense Policy and Guidelines Prepared by: Controller s Office Administrator: University Controller Created: July 1, 2012 Policy Statement The basic principle governing business expenses
More informationUniversity of Utah Payments to Non Resident Aliens
University of Utah Payments to Non Resident Aliens Nonresident Alien Visitors Non-Employee Payments Visa Types: B-1 Business visitor B-2 Tourist visitor WB Business visitor (through visa waiver program)
More informationObject Codes vs. Workday Revenue Categories Crosswalk
Object Codes vs. Workday Revenue Categories 110340 Cash Advance Reimbursement (R00189)-R Non-Taxable Item 220210 Due To Other Funds (R00162)-R Non-Taxable Item 222072 Advance Athletic Ticket Sales (R00263)-R
More informationTax Information for Foreign National Students, Scholars and Staff
Information for Foreign National Students, Scholars and Staff I. Introduction For federal tax purposes, foreign national students and scholars are categorized in one of two ways: Nonresident alien for
More informationBASIC TAX WORKSHOP FOR INT L STUDENTS. Tax Information Session for MIT International Students in Non-Resident Status for Tax Purposes March 2017
BASIC TAX WORKSHOP FOR INT L STUDENTS Tax Information Session for MIT International Students in Non-Resident Status for Tax Purposes March 2017 MIT International Students Office & Office of the Vice President
More information06/28/2018 By: Lydia Ludwig, Controller Next Review: 04/01/ months from last review Crossreferences:
Policy Title: Accounts Payable Policy Number: TBD Responsible Chief Finance and Operating Officer Executive: Owner: Controller Approved: 7/20/2018 By: Jamie Stanton, CFOO Last Reviewed: 06/28/2018 By:
More informationPage 1 of 6 UC Santa Barbara Policy 5145 Policies Issuing Unit: Administrative Services Date: May 1, 1985 I. REFERENCES: Under Revision Contact Accounting PAYMENTS TO ALIENS A. U.S. Tax Reform Act of 1984,
More informationDisbursement Services Guide
Disbursement Services Guide This document is intended to guide the campus community in understanding the protocol and services provided within the Disbursements department for the Office of Accounting
More informationThe hardest thing in the world to understand is the income tax. Albert Einstein. CATS Jan 2018 W-8BEN & W-8BEN-E
The hardest thing in the world to understand is the income tax. Albert Einstein CATS Jan 2018 W-8BEN & W-8BEN-E Form W-8BEN-E Susan A. Norrell, University Tax Manager Ravit Shay-Sarraf, Tax Compliance
More informationForeign Nationals Tax Compliance Boot Camp Employees, Vendors & Students
Foreign Nationals Tax Compliance Boot Camp Employees, Vendors & Students April 22, 2015 2015 Training Curriculum Jennifer Pacheco, Foreign Nationals Tax Compliance Program NC Office of the State Controller
More informationTHE BOTTOM LINE. Did You Know.
THE BOTTOM LINE Volume 11, Issue 1 Spring 2009 Dear Colleagues, The winter seems to be dragging on and I m definitely ready for some warm weather. The budget process and cycle changed this year. First
More informationNONRESIDENT ALIEN TAX COMPLIANCE. A Policy and Procedure Manual. University of Nevada Reno (UNR) Nonresident Alien Tax Specialist Kellie Grahmann
NONRESIDENT ALIEN TAX COMPLIANCE A Policy and Procedure Manual University of Nevada Reno (UNR) Nonresident Alien Tax Specialist Kellie Grahmann CONTENTS Nonresident Alien Tax Compliance Summary Taxation
More informationInternational Student Taxes
International Student Taxes Information compiled by International Student Services (ISS) Important Disclaimer! ISS staff members are NOT Tax Professionals or Certified Public Accountants. ANY ADVICE IN
More informationISU Accounting Forms. Bill Cahill
ISU Accounting Forms Bill Cahill 4-5124 bpcahil@iastate.edu Agenda Introductions Objectives Overview of Forms VO (Electronic Voucher for PO Payments) Debit Memo Honorarium or Expense Voucher Intramurals
More informationUnderstanding UBI Qualifications in Higher Education
Understanding UBI Qualifications in Higher Education August 17, 2017 Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor. 2017
More information3.1 Program manager: The individual designated as the responsible person for a business activity, program, or project.
1.0 BACKGROUND AND PURPOSE The purpose of this policy is to ensure that the Colorado School of Mines ( Mines ) complies with all income tax regulations of the United States and State of Colorado. As a
More informationU.S. Income Tax Workshop for Foreign Students & Scholars Rice University Office of International Students & Scholars February 22, 2017 Presented by
U.S. Income Tax Workshop for Foreign Students & Scholars Rice University Office of International Students & Scholars February 22, 2017 Presented by Crystal C. Gates, Tax Principal Kelley C. Heng, Tax Supervisor
More informationTax Workshop for Foreign Nationals Preparing 2018 Forms Douglas Kelley
Tax Workshop for Foreign Nationals Preparing 2018 Forms Douglas Kelley Guest Lecturer Lamden School of Accountancy San Diego State University 1 Before we begin Filing taxes means submitting tax forms (or
More informationINDEPENDENT CONTRACTORS
Responsible University Administrator: Vice President for Finance and Administration Responsible Officer: Director of the Office of Budget and Tax Compliance Origination Date: N/A Current Revision Date:
More informationFellowships Toolkit:
Fellowships Toolkit: A Reference Guide to Fellowships, Reimbursements and Other Payments to U.S. Citizens and Non-Resident Aliens Office of the Controller January 1, 2015 Table of Contents INTRODUCTION:
More informationWorker Classification/ Independent Contractor
Worker Classification/ Independent Contractor Policy Update June 2016 Contents Policy Update Objective Current Policies and Proposed Updates Overview of Proposed Updates to Policies Summary of Updates
More informationDisbursements: State Tax Withholding from Nonwage Payments to Nonresidents of California
Disbursements: State Tax Withholding from Nonwage Payments to Nonresidents of California Responsible Officer: EVP - Chief Financial Officer Responsible Office: FO - Financial Operations Issuance Date:
More informationTHE UNIVERSITY OF GEORGIA OBJECT CODES FOR EXPENDITURES EFFECTIVE JULY 1, 2000 CLASSIFICATION (CONTINUED) Regular Salaries - Monthly Payroll 51110
PERSONAL SERVICES Regular Salaries - Monthly Payroll 51110 Regular Salaries - Monthly Payroll Time/Effort Adjustment 51111 Regular Salaries - Academic Payroll 51112 Regular Salaries - Academic Payroll
More informationNavigating Fringe Benefits: Exempt Organization Overview Q&A
Navigating Fringe Benefits: Exempt Organization Overview Q&A Below is a summary of the questions we have received from tax-exempt organizations regarding fringe benefits with answers from our tax team.
More informationHCM Specialists User Group. May 10, 2018
HCM Specialists User Group May 10, 2018 Agenda Resource updates Hiring Payroll Transfers Terminations Payments to International Students/Scholars 2 3 Resource Updates Updated Resources Available 4 www.vanderbilt.edu
More information1 Introduction Work Authorization Taxpayer Identification Numbers... 2
1 Introduction... 1 1.1 Work Authorization... 1 1.2 Taxpayer Identification Numbers... 2 2 U.S. Tax Residency Rules... 3 2.1 Residency Status Based on U.S. Presence... 3 2.2 U.S. Days That Do Not Count...
More informationCAMP PAYING: INNOVATIVE SOLUTIONS
CAMP IPPS 2016 CAMP PAYING: INNOVATIVE SOLUTIONS Spelunking in the Cave of Tax Topics Presented by Heather Vinograd PC West: Eleanor Roosevelt College Room 2:30 3:15 TAX TOPICS Non-payroll Payments SALES
More informationFORM 990-T: CHALLENGES & OPPORTUNITIES
FORM 990-T: CHALLENGES & OPPORTUNITIES Karen A. Gries Principal CliftonLarsonAllen LLP Shari L. Mayer Tax Manager Carleton College Unrelated Business Income Basics Auxiliary Activities Facilities Usage
More informationNon-Resident Tax Workshop February 28, 2013 UTSA, Business Building Room Presented by:
Non-Resident Tax Workshop February 28, 2013 UTSA, Business Building Room 2.06.04 Presented by: Christine Bodily, Payroll Department, 458-4283 Christine.Bodily@utsa.edu Cherilyn Patteson, Office of International
More informationNon-Resident Alien Frequently Asked Questions
Materials Management: Payroll Time and Attendance Unit Non-Resident Alien Frequently Asked Questions TAX FILING: DO I NEED TO FILE / WHEN DO I FILE? What happens if I fail to file my taxes? If you owe
More informationUNIVERSITY OF HOUSTON SYSTEM ADMINISTRATIVE MEMORANDUM. SECTION: Fiscal Affairs NUMBER: 03.D.06
UNIVERSITY OF HOUSTON SYSTEM ADMINISTRATIVE MEMORANDUM SECTION: Fiscal Affairs NUMBER: 03.D.06 AREA: Payroll SUBJECT: Taxable Fringe Benefits 1. PURPOSE 1.1. The University of Houston System provides a
More informationGlacier Vendor View The Glacier Administrator for the department will enter the name and of the vendor into Glacier.
Glacier Vendor View The Glacier Administrator for the department will enter the name and email of the vendor into Glacier. The vendor will receive an email from Glacier providing them with the login information.
More informationTable of Contents. Table of Contents 1. AP Information 2. Foreign Nationals Definitions 3-4. Policy Overview 5. What to Ask 6 10
Table of Contents Table of Contents 1 AP Information 2 Foreign Nationals Definitions 3-4 Policy Overview 5 What to Ask 6 10 Example Documents 11 14 Papers, Papers, and More Papers 15 Payment Information
More informationKelley School of Business Non-Employee Traveler Reimbursement Checklist
Kelley School of Business Non-Employee Traveler Reimbursement Checklist Name: DV Number: International Non-Employee The following forms must be signed and the highlighted fields must be completed: Disbursement
More informationProcessing Research Participant Costs
Processing Research Participant Costs Support, Patient Care and Compensation Principle: Many research studies rely on participants in various ways to fulfill the desired outcome of the project. Varying
More informationUnderstanding Your W-2
Understanding Your W-2 The following information is intended to answer the most frequently asked questions regarding the content and distribution of your W-2, which is needed to file income tax returns.
More informationGlobal Mobility of Employees: Practical Strategies
Global Mobility of Employees: Practical Strategies Tax Executives Institute Carolinas Chapter Charlotte, NC Jodi Epstein (202) 662-3468 JEpstein@ipbtax.com Douglas Andre (202) 662-3471 DAndre@ipbtax.com
More informationProcedures for Payments Made to or on Behalf of International Students, Visitors and Vendors
Procedures for Payments Made to or on Behalf of International Students, Visitors and Vendors General Information All payments made to or on behalf of an international visitor, student orvendor have potential
More informationTAX FILING FOR STUDENTS AND SCHOLARS 101. Columbus Community Legal Services
TAX FILING FOR STUDENTS AND SCHOLARS 101 Columbus Community Legal Services INTRODUCTION Who are we? Part of the Catholic University of America s Columbus School of Law Columbus Community Legal Services
More informationPurchasing and Accounts Payable (PURAP) Open Forum. Wednesday, March 1, am
Purchasing and Accounts Payable (PURAP) Open Forum Wednesday, March 1, 2017 9-11am 1 Agenda Welcome Purchasing Options Payment Process for 3 rd Party Services Disbursement Vouchers Q & A 2 Purchasing Options
More informationCAMP IPPS August 21, 2018
CAMP IPPS 2018 August 21, 2018 WELCOME CAMPERS A few things to remember West Ballroom Stop by the ballroom to ask us questions after the class! Meet Connexxus travel vendors in honor of the Connexxus 10
More informationUniversity of San Diego Expenditure Type Definitions
University of San Diego Expenditure Type Definitions Advertising Promotional - General advertising costs promoting programs and events of the University through all media types are recorded to this classification.
More informationIRS Forms W-9, W-8, W-2, 1099-Misc: How to Comply, Oh My! 2018 Region One Education Service Center
IRS Forms W-9, W-8, W-2, 1099-Misc: How to Comply, Oh My! Agenda Obtaining Vendor Information TIN Matching What is Form 1099? Overview of 1099 Reporting Requirements/Who is Required to File Definitions/Applicability/Distribution
More informationPayments Made to Nonresident Aliens
Payments Made to Nonresident Aliens A Policies and Procedures Manual This Procedures for Payments Made to Nonresident Aliens guide was prepared by Arctic International LLC in connection with Occidental
More informationNonresident Alien Federal Tax Workshop
Nonresident Alien Federal Tax Workshop Using GLACIER Tax Prep (GTP) as a tool for self-preparation of 2017 Federal Income Tax Return (Form 1040NR or Form 1040NR-EZ) and Form 8843, Payroll Tax Workshop
More informationMSU Federal/State Cost Policy
MSU Federal/State Cost Policy Updated 10/1/15 to incorporate the Federal Uniform Guidance at 2 CFR Part 200 Michigan State University s (MSU) Federal/State Cost Policy was developed to assist faculty and
More informationNONPROFIT TAX UPDATE: What the IRS is up to and more!
NONPROFIT TAX UPDATE: What the IRS is up to and more! MACPA Government and Nonprofit Conference April 26, 2013 R. Michael Sorrells, CPA BDO USA, LLP Page 1 Your Presenter Page 2 1 Tax Update Agenda IRS
More informationGENERAL ACCOUNTING GLACIER STEP BY STEP GUIDE FOR FOREIGN NATIONALS
GENERAL ACCOUNTING GLACIER STEP BY STEP GUIDE FOR FOREIGN NATIONALS Nonresident Alien Tax Compliance WHO SHOULD USE THIS GUIDE? All Foreign Nationals who are: Student Workers Graduate Assistants Interns
More informationPARTICIPANT SUPPORT GUIDANCE
PARTICIPANT SUPPORT GUIDANCE (ORA) October 2018 Table of Contents What are Participant Support Costs?... 1 When to include Participant Support Costs... 1 Allowable Participant Support Costs... 1 Unallowable
More informationAddendum: An addition to an existing document, such as additional terms or a modification of terms.
Research Corporation of the University of Hawai i 2.002 Definitions Accountable Plan: A business reimbursement expense plan for the payment of business expenses incurred by a service provider (such as
More informationCamp Tax Reform Act of 2014 Provisions of Interest to Higher Education
Camp Tax Reform Act of 2014 Provisions of Interest to Higher Education Provision Details JCT Revenue Estimate (over 10 years) Other Relevant Legislation & Proposals Student & Family Education Tax Benefits
More informationInternational Student Taxes. Information compiled by International Student Services
International Student Taxes Information compiled by International Student Services International Student Taxes The Basics Specific Tax Scenarios What You Can Do Now Resolving Tax Issues Top Ten Tax Myths
More informationFOREIGN NATIONALS TAX COMPLIANCE TRAINING Foreign Nationals Tax Compliance
FOREIGN NATIONALS TAX COMPLIANCE TRAINING 2015 Foreign Nationals Tax Compliance March 19, 2015 Presenters Jennifer Trivette Pacheco OSC s Foreign Nationals Tax Compliance Program Michelle Anderson NCSU
More informationFOUNDATIONS IN UNIVERSITY FINANCE FINANCIAL POLICIES
FOUNDATIONS IN UNIVERSITY FINANCE FINANCIAL POLICIES Financial Policies Anna Jensen University Chief Accountant Participant Outcomes Develop a general awareness of university policies and how to locate
More informationFinance Notes & News VITA Program. Annual IRS Tax Forms. Reimbursement Preparation Reminder
University of Houston February 2003 Finance Notes & News Annual IRS Tax Forms At this time of the year, the University of Houston, like so many other businesses, is responsible for issuing tax forms to
More informationGlacier Quick Guide. You will receive an similar to the one below. Please read and follow the directions
Glacier Quick Guide You will receive an email similar to the one below. Please read and follow the directions Website from link in email Copy login information from email Create your own login information
More information