End of Course Quiz CPE

In what year did the United States pass the Revenue Act that that introduced the concept of tax withholding and information reporting on payments made to non-U.S. persons?

What does the acronym TEFRA stand for?

What does the acronym FATCA stand for?

Generally, who should submit a Form W-8, certificate of non-U.S. status?

Which of these responses is not a type of withholding that we have discussed in this course?

What does U.S. Source Income mean?

Which form would a U.S. employer use to report wages paid to its employees?

What does the IRS do with all the Information Returns that it receives?

Who might expect to receive an information return on Form 1099?

Why is it important to be able to distinguish between U.S. and Non -U.S. persons?

Which of the following is not a U.S. person?

Which of the following best describes the term ‘withholding agent?’

A beneficial owner is:

What type of information does the term documentation generally relate to?

Why do we use the Form W-9?

Which of the following statements is true?

With respect to payments, what does Fixed and Determinable mean?

Which of the following statements is correct?

There are many publications, which one of the following deals primarily with NRA withholding?

How do you determine the source of Dividends?

Which of the following is the most accurate definition of a U.S. corporation?

A Disregarded Entity can best be described as:

What are we referring to when we use the term payee?

Which type of documentation could a U.S. person use to certify status to a payor?

Which person would be considered a U.S. resident for U.S. tax purposes based on the Substantial Presence Test?

Which of the following pieces of information would not be found on a Form W-9?

Which of the following pieces of information would not be found on a Form W-8BEN?

A non-U.S. individual requesting treaty benefits for payments of personal services income would provide which type of withholding certificate?

When a payor or withholding agent does not have reliable documentation on file for an income recipient, what rules would it apply?

When would backup withholding start?

On what form would a payor report royalty income paid to a U.S. person?

Which notice does the IRS send to alert a payor that it reported an incorrect name or taxpayer identification number on Form 1099?

Publication 1281 provides guidance on backup withholding for missing or incorrect names/taxpayer identification numbers. What information can be found in this publication?

What types of income are reportable on Form 1099?

When is the Form 945 due?

Which sections of the Internal Revenue Code relate to Chapter 3?

Which sections of the Internal Revenue Code relate to Chapter 4?

What is the default rate of withholding for payments of U.S. sourced income to non-U.S. persons under chapter 3?

Is there a interconnection with Chapter 3 and Chapter 4?

On what form(s) would a withholding agent report U.S. source interest and dividends paid to a non-U.S. person that are subject to withholding under Chapter 4?

What does the acronym ECI stand for?

In what context would we used the acronym LOB, which stands for limitation on benefits?

How many days does a non-U.S. person have to notify a withholding agent of a change in circumstances?

What does FDAP stand for?

When is Chapter 3 withholding required?

Who could receive a Form 1042-S?

What generally determines when a deposit of Chapter 3 and 4 withholding is due?

Which type of income is an amount subject to chapter 3 withholding, but not a chapter 4 withholdable amount?