The IRS May 17 published two draft forms related to Foreign Account Tax Compliance Act reporting for individuals and entities that will increase the data collection and retention obligations of financial institutions and other payors with income withholding responsibilities, a practitioner told BNA May 21.
The release includes a new draft intended solely for individuals, Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting, and an updated Form W-9, Request for Taxpayer Identification Number and Certification. The changes to Form W-9 relate to information reporting for entities.
Form W-8BEN ...
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