2024 MGA Treasurer Training
The IEEE Tax and Compliance Training provides insights on tax responsibilities, compliance requirements, and how volunteers can support IEEE's financial reporting. It covers topics such as independent contractor reviews, information returns, and global tax compliance. Learn about the Tax Department's responsibilities and how to ensure IEEE's tax policies align with ethical standards.
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2024 MGA Treasurer Training IEEE Tax and Compliance Anjana Saini, CPA Manager, Tax Devon Benavente Senior Tax Accountant September 28, 2024 ieee.org 1 IEEE, the Professional Home for the World s Technologists IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY IEEE PROPRIETARY
Agenda - Introduction to Tax - How Can You Help? - Independent Contractors - Information Returns - Conference Compliance 2 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
The Tax Department The IEEE Tax Management staff aims to support the ethical standards of IEEE. 3 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
Tax Department Responsibilities Annual Charitable filings Fed/State Independent Contractor review Income Tax (UBI) filings Fed/State - Advertising - Certificates/Trainings - Jobs Fairs - Sponsorship Strategy and Tax Planning - Tax policies, processes, & internal controls - Identify areas of tax savings - Exemption risk assessments - Monitor changes impacting IEEE - Research rules and regulations - Recommend plans & resources Information returns (1099/1042) Indirect Tax filings (SUT, VAT/GST) - Conference - Sales Tax Exemptions 4 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
Global Tax Compliance Requirements GST SUT JCT VAT DST VAT SUT GST GST eInvoicing Overwhelmed? Confused? We re here to help! 5 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
How Can You Help? IEEE relies on IEEE volunteers to satisfy IEEE compliance obligations How can volunteers help? Financial Reporting: o Accurately report revenue and expense items in Section/Chapter financial reporting = IEEE s Form 990 accurately reports Section/Chapter activity Independent Contractors: o Complete IC review process before the individual provides services o Thoughtful selections when screening independent contractors for engagement with IEEE Information Returns: o Collect Current Tax Forms before issuing payments to awardees and service providers o US TINs (SSN or EIN) are required for all transactions $25 or more Conference Activities: o If you re unsure of Registrations, ask the Tax Department that s what we re here for! o Necessary agreements in place and timely executed 6 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
Independent Contractors Risk of Employee Misclassification - Assessment WHO: Individuals, Sole Proprietors, Single Member LLCs contracted with providing servicesto IEEE WHERE: Globally! IEEE has ICs all over the world, all are subject to this process WHEN: Assessment to be completed before services have begun WHY: To reduce exposure of employee misclassification HOW: Submit an IC review request to Tax Compliance Service Provider Questionnaire Completed by IC Work Status Questionnaire Completed by IEEE Contract Manager Vendor Service Agreement Legal & Compliance Template Tax Form (Forms W-9 or W-8) Completed by IC on current IRS version 7 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
Information Returns 1099-NEC, 1099-MISC, 1042-S HOW? Did IEEE pay - Vendors for services? What about other payments? - Grants - Award payments - Honorariums What if it s a gift? Collect Tax Form Record transaction and recipient data Provide to Tax We need to report it! IEEE Tax files with IRS 8 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
Conference Compliance - IEEE International LLC An IEEE subsidiary US based. Provides comprehensive tax compliance solutions for international conferences A non-resident organization. Not recognized as a not-for-profit in many countries VAT is applicable to IEEE conferences in the country where conference is being held. IEEE conferences must comply with local tax regulations. Each country has its own set of tax rules and regulations that can be tricky to navigate IEEE International LLC is registered to hold conferences in many countries - Discuss conference plans with conference management - Coordinate with Tax to address VAT-related matters 9 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
International Conference Considerations Complex Jurisdictions - Local jurisdictions have varying tax rules, reporting requirements, and other complexities - Conferences are responsible for understanding and complying with local reporting requirements Avoid unnecessary registrations - IEEE Tax is responsible for new conference business and tax registrations Coordinate with IEEE Tax when registration is required - IEEE International LLC is not able to register in all jurisdictions Monitor VAT regulations and updates from IEEE Tax - Stay Informed Keep track of any changes in VAT laws or regulations in the host country - Adapt as needed Adjust conference planning or compliance measures if needed 10 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
Contacts General questions: tax-compliance@ieee.org Conference/VAT questions: vat-compliance@ieee.org 11 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
Tax Department Contact Information Name and Title Phone Number E-mail Jeanne Fahrenbach, Senior Director Tax Management +1 732 562 6080 j.fahrenbach@ieee.org Lucia Jones, Senior Manager Tax Planning and Transformation +1 732 465 6608 lucia.jones@ieee.org Anjana Saini, CPA, Manager Tax +1 732 562 6895 anjana.saini@ieee.org Devon Benavente, Senior Tax Accountant +1 732 465 6661 d.benavente@ieee.org Elmy Antonio, Tax Accountant +1 732 981 3426 e.antonio@ieee.org Mary Nunez, Tax Accountant +1 732 465 6653 mary.nunez@ieee.org Padma Hedge, CPA, Manager Tax and Digital Transformation +1 732 562 2675 p.a.hegde@ieee.org Sarah Lee, CPA, Manager Tax +1 732 562 2665 s.m.lee@ieee.org Zankhna Patel, Tax Accountant +1 732 562 5395 z.patel@ieee.org 12 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
Appendix ieee.org 13 IEEE, the Professional Home for the World s Technologists IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY IEEE PROPRIETARY
Helpful Links IEEE Tax Management https://www.ieee.org/about/volunteers/tax-administration/index.html Tax and Corporate Information https://www.ieee.org/about/volunteers/tax-administration/tax-corp-info.html Related Tax Information https://www.ieee.org/about/volunteers/tax-administration/related-info.html Form 1099 Requirements https://www.ieee.org/about/volunteers/tax-administration/1099-conf-info.html Independent Contractor Page https://www.ieee.org/about/volunteers/tax-administration/independent-contractors.html 14 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
Information Returns 15 IEEE, the Professional Home for the World s Technologists IEEE PROPRIETARY
