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Course Details

Opening Deposit Accounts for Nonresident Aliens - Changes on the W-8BEN

opening-deposit-accounts-for-nonresident-aliens-changes-on-the-w-8ben
Webinar: ID# 1030951
Recorded CD or On-Demand
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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 W8BenE

W-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.
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Opening Deposit Accounts for Nonresident Aliens - Changes on the W-8BEN
or via CD or On-Demand
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