Penalties on the horizon: Complying with Section 1441
The conclusion of the IRC §1441 Voluntary Compliance Program (VCP) on March 31, 2006 brought about increased scrutiny of compliance failures associated with reporting and withholding tax on US source payments to nonresident foreign persons, especially vendor payments. Multinational entities in all industries should assess their section 1441 compliance and remediate any errors before an IRS examination begins, or run the risk of being subject to significant tax liabilities and/or penalties.
In this podcast, members of PwC's IRS service team Maria Murphy, John Manton and Candace Ewell -- as well as Ben Van Vort, a member of PwC's advisory practice -- share their insights into the IRS’s increased focus on Section 1441 compliance; discuss penalties, options and what to expect when compliance failures occur; and offer practical advice on how companies can more efficiently comply with the IRS policies in this area.
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