About This Course:
New W-8BEN rules came out with IRS Notice 2017-46. The back and fourth on foreign TINs and date of births has been resolved.
What You'll Learn:During this program we will review the W-8BEN and the 1042S reporting in light of new rules. We will also cover CIP and Due Diligence for nonresident alien customers, as well as:
- Who is a nonresident alien
- What types of identification are acceptable
- What due diligence questions should be asked
- Line by line on the W-8BEN and 1042S Interest reporting
- Changes for nonresident aliens and foreign ID
Some Background Info
What Is W8BenEW-8BEN-E is a tax document which allows businesses operating outside of the U.S. to claim tax exemption on U.S.-sourced income.
According to the IRS:
- Give Form W-8 BEN to the withholding agent or payer if you are a foreign person and you are the beneficial owner of an amount subject to withholding
- Submit Form W-8 BEN when requested by the withholding agent or payer whether or not you are claiming a reduced rate of, or exemption from, withholding
Who Needs To Fill Out A W 8ben?You must give Form W-8BEN to the withholding agent or payer if you are a nonresident alien who is the beneficial owner of an amount subject to withholding, or if you are an account holder of an FFI documenting yourself as a nonresident alien.