Foundation CPE

Introduction CPE

Module 1: Foundation CPE

5 Lessons | 1 Quiz

Lesson 1: Introduction & History CPE

Lesson 2: What is Withholding Tax? CPE

Lesson 3: What is Information Reporting CPE

Lesson 4: Information Reporting Overview CPE

Lesson 5: Impact and Processes & Procedures CPE

Module 1 Quiz CPE

Module 2: Key Terms and Concepts CPE

5 Lessons | 1 Quiz

Lesson 1: Introduction and Discussion of Key Terms CPE

Lesson 2: Documentation CPE

Lesson 3: Payments CPE

Lesson 4: Reporting & Information Returns CPE

Lesson 5: Reporting Amounts and Deposits CPE

Module 2 Quiz CPE

Module 3: Important Publications and Instructions CPE

5 Lessons | 1 Quiz

Lesson 1: Who Makes The Rules? CPE

Lesson 2: Other Tax Authorities and Rule Makers CPE

Lesson 3: Guidance Issued by the IRS and Others CPE

Lesson 4: Important Instructions CPE

Lesson 5: Publications CPE

Module 3 Quiz CPE

Module 4: Payee Setup CPE

5 Lessons | 1 Quiz

Lesson 1: Source of Income & Entity Types CPE

Lesson 2: Payee Set-Up Overview CPE

Lesson 3: Payee Status CPE

Lesson 4: Documentation CPE

Lesson 5: No Documentation Copy

Module 4 Quiz CPE

Module 5: Payments to U.S. Persons CPE

7 Lessons | 1 Quiz

Lesson 1: Payee Certifications at Account Opening CPE

Lesson 2: Backup Withholding CPE

Lesson 3: Reportable Payments CPE

Lesson 4: Filing Forms 1099 (to the payee and with IRS) CPE

Lesson 5: TIN Matching and B Notice Processing CPE

Lesson 6: Notified payee underreporting – Interest and Dividends – C Notices CPE

Lesson 7: Form 945 CPE

Module 5 Quiz CPE

Module 6: Chapter 3 – Payments to non-U.S. Persons CPE

7 Lessons | 1 Quiz

Lesson 1: Payments to Non-U.S. Persons CPE

Lesson 2: Interconnections Chapter 3 and Chapter 4 CPE

Lesson 3: New Terms for Chapter 3 CPE

Lesson 4: Payee Certifications at Account Opening CPE

Lesson 5: Non-Resident Alien Withholding CPE

Lesson 6: Chapter 3 Reporting CPE

Lesson 7: Deposits CPE

Module 6 Quiz CPE

Module 7: Chapter 4 CPE

6 Lessons | 1 Quiz

Lesson 1: FATCA Framework CPE

Lesson 2: Key Terms for Chapter 4 CPE

Lesson 3: Chapter 4 and Account Opening CPE

Lesson 4: FATCA Withholding CPE

Lesson 5: Chapter 4 or FATCA Reporting CPE

Lesson 6: Deposit Requirements CPE

Module 7 Quiz CPE

Module 8: Audits CPE

5 Lessons | 1 Quiz

Lesson 1: Key Terms CPE

Lesson 2: Withholding Agent Audits CPE

Lesson 3: Items Requested Under Audit CPE

Lesson 4: Steps in an Audit CPE

Lesson 5: What Comes After the Exam CPE

Module 8 Quiz CPE

End of Course Quiz CPE

Module 4 Quiz CPE

Foundation CPE Module 4: Payee Setup CPE Module 4 Quiz CPE

Module 4: End of Module Quiz

With Module 4 coming to a close, now is the time to test you to ensure you are making the progress we expect at this point in time.

We will ask you a series of questions that will be related to the information you have learnt so far in the topics we have covered.

This quiz will summarise the topics we have gone over in Module 1. To complete this quiz and move on to Module 2, you must get at least 75% correct.

Time limit: 0

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Answered
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Question 1 of 20

1. Question
Pursuant to chapter 3 of the Internal Revenue Code, why do payors and withholding agents need to determine the source of income paid to non-U.S. persons?
- Only U.S. source fixed, determinable annual, or periodical income paid to a non-U.S. person is subject to U.S. federal tax withholding and information reporting.
- Sourcing income tells a payor or withholding agent whether to issue a Form W-2.
- U.S. persons are taxed on worldwide income, so there is no need to determine the source of income paid to non-U.S. persons.
- Only non-U.S. source fixed, determinable annual or peridical income paid to a non-U.S. person is subject to U.S. federal Tax withholding and reporting.
Correct

Incorrect
Question 2 of 20

2. Question
What is a payor?
- The person receiving income.
- The person making a payment of income.
- A U.S. person who owns a bank.
- A non-U.S. person who is receiving U.S. source fixed, determinable annual, or periodical income.
Correct

Incorrect
Question 3 of 20

3. Question
Why does a payor or withholding agent collect Forms W-8, W-9, 8233, and Self-Certifications?
- Payors and withholding agent do not collect these forms.
- To determine the source of income they are paying.
- To determine the status of the person a payor or withholding agent is paying as a U.S. or non-U.S. person.
- To let banks know that they intend to request electronic account statements.
Correct

Incorrect
Question 4 of 20

4. Question
Which statement is correct?
- The United States taxes U.S. persons on income earned in the United States only.
- The United States generally taxes U.S. persons on income earned inside and outside of the United States.
- A U.S. person can choose which income the United States taxes as U.S. source income.
- A U.S. person does not pay taxes when traveling.
Correct

Incorrect
Question 5 of 20

5. Question
Select the response which lists all of the forms that could be used by an Individual to certify status as either a U.S. or non-U.S. person, whichever is applicable.
- Forms W-8BEN or W-8BEN-E
- Forms W-8BEN or W-9
- Forms W-8BEN, W-8ECI, 8233 or W-9
- Form W-9
Correct

Incorrect
Question 6 of 20

6. Question
Pursuant to chapter 3 of the Internal Revenue Code, why do payors and withholding agents need to determine the source of income paid to non-U.S. persons?
- Only U.S. source fixed, determinable annual, or periodical income paid to a non-U.S. person is subject to U.S. federal tax withholding and information reporting.
- Sourcing income tells a payor or withholding agent whether to issue a Form W-2.
- U.S. persons are taxed on worldwide income, so there is no need to determine the source of income paid to non-U.S. persons.
- Only non-U.S. source fixed, determinable annual or peridical income paid to a non-U.S. person is subject to U.S. federal Tax withholding and reporting.
Correct

Incorrect
Question 7 of 20

7. Question
What is a payor?
- The person receiving income.
- The person making a payment of income.
- A U.S. person who owns a bank.
- A non-U.S. person who is receiving U.S. source fixed, determinable annual, or periodical income.
Correct

Incorrect
Question 8 of 20

8. Question
Why does a payor or withholding agent collect Forms W-8, W-9, 8233, and Self-Certifications?
- Payors and withholding agent do not collect these forms.
- To determine the source of income they are paying.
- To determine the status of the person a payor or withholding agent is paying as a U.S. or non-U.S. person.
- To let banks know that they intend to request electronic account statements.
Correct

Incorrect
Question 9 of 20

9. Question
Which statement is correct?
- The United States taxes U.S. persons on income earned in the United States only.
- The United States generally taxes U.S. persons on income earned inside and outside of the United States.
- A U.S. person can choose which income the United States taxes as U.S. source income.
- A U.S. person does not pay taxes when traveling.
Correct

Incorrect
Question 10 of 20

10. Question
Select the response which lists all of the forms that could be used by an Individual to certify status as either a U.S. or non-U.S. person, whichever is applicable.
- Forms W-8BEN or W-8BEN-E
- Forms W-8BEN or W-9
- Forms W-8BEN, W-8ECI, 8233 or W-9
- Form W-9
Correct

Incorrect
Question 11 of 20

11. Question
Pursuant to chapter 3 of the Internal Revenue Code, why do payors and withholding agents need to determine the source of income paid to non-U.S. persons?
- Only U.S. source fixed, determinable annual, or periodical income paid to a non-U.S. person is subject to U.S. federal tax withholding and information reporting.
- Sourcing income tells a payor or withholding agent whether to issue a Form W-2.
- U.S. persons are taxed on worldwide income, so there is no need to determine the source of income paid to non-U.S. persons.
- Only non-U.S. source fixed, determinable annual or peridical income paid to a non-U.S. person is subject to U.S. federal Tax withholding and reporting.
Correct

Incorrect
Question 12 of 20

12. Question
What is a payor?
- The person receiving income.
- The person making a payment of income.
- A U.S. person who owns a bank.
- A non-U.S. person who is receiving U.S. source fixed, determinable annual, or periodical income.
Correct

Incorrect
Question 13 of 20

13. Question
Why does a payor or withholding agent collect Forms W-8, W-9, 8233, and Self-Certifications?
- Payors and withholding agent do not collect these forms.
- To determine the source of income they are paying.
- To determine the status of the person a payor or withholding agent is paying as a U.S. or non-U.S. person.
- To let banks know that they intend to request electronic account statements.
Correct

Incorrect
Question 14 of 20

14. Question
Which statement is correct?
- The United States taxes U.S. persons on income earned in the United States only.
- The United States generally taxes U.S. persons on income earned inside and outside of the United States.
- A U.S. person can choose which income the United States taxes as U.S. source income.
- A U.S. person does not pay taxes when traveling.
Correct

Incorrect
Question 15 of 20

15. Question
Select the response which lists all of the forms that could be used by an Individual to certify status as either a U.S. or non-U.S. person, whichever is applicable.
- Forms W-8BEN or W-8BEN-E
- Forms W-8BEN or W-9
- Forms W-8BEN, W-8ECI, 8233 or W-9
- Form W-9
Correct

Incorrect
Question 16 of 20

16. Question
Pursuant to chapter 3 of the Internal Revenue Code, why do payors and withholding agents need to determine the source of income paid to non-U.S. persons?
- Only U.S. source fixed, determinable annual, or periodical income paid to a non-U.S. person is subject to U.S. federal tax withholding and information reporting.
- Sourcing income tells a payor or withholding agent whether to issue a Form W-2.
- U.S. persons are taxed on worldwide income, so there is no need to determine the source of income paid to non-U.S. persons.
- Only non-U.S. source fixed, determinable annual or peridical income paid to a non-U.S. person is subject to U.S. federal Tax withholding and reporting.
Correct

Incorrect
Question 17 of 20

17. Question
What is a payor?
- The person receiving income.
- The person making a payment of income.
- A U.S. person who owns a bank.
- A non-U.S. person who is receiving U.S. source fixed, determinable annual, or periodical income.
Correct

Incorrect
Question 18 of 20

18. Question
Why does a payor or withholding agent collect Forms W-8, W-9, 8233, and Self-Certifications?
- Payors and withholding agent do not collect these forms.
- To determine the source of income they are paying.
- To determine the status of the person a payor or withholding agent is paying as a U.S. or non-U.S. person.
- To let banks know that they intend to request electronic account statements.
Correct

Incorrect
Question 19 of 20

19. Question
Which statement is correct?
- The United States taxes U.S. persons on income earned in the United States only.
- The United States generally taxes U.S. persons on income earned inside and outside of the United States.
- A U.S. person can choose which income the United States taxes as U.S. source income.
- A U.S. person does not pay taxes when traveling.
Correct

Incorrect
Question 20 of 20

20. Question
Select the response which lists all of the forms that could be used by an Individual to certify status as either a U.S. or non-U.S. person, whichever is applicable.
- Forms W-8BEN or W-8BEN-E
- Forms W-8BEN or W-9
- Forms W-8BEN, W-8ECI, 8233 or W-9
- Form W-9
Correct

Incorrect

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