Friday, May 24, 2013

IRS Releases New FATCA Forms


On May 17, 2013, the U.S. Internal Revenue Service ("IRS")  released a new draft Form W-8BEN, "Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)" and a new draft Form W-9, "Request for Taxpayer Identification Number and Certification."  The new draft forms incorporate changes necessitated by the implementation of the Foreign Account Tax Compliance Act ("FATCA"). The new draft Form W-8BEN will be used by individuals to certify foreign status for U.S. withholding tax, U.S. tax treaty benefit and FATCA withholding purposes.  The new draft Form W-9, "Request for Taxpayer Identification Number and Certification" will be used by U.S. individuals and entities to certify U.S. status and provide a tax identification number in order to avoid U.S. backup withholding and FATCA withholding.

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