Forms W-8BEN and W-8BEN-E Required Updates: IRC Section 1446(f) Withholding, Claiming Treaty Benefits

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Recording of a 110-minute CPE webinar with Q&A

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Conducted on Tuesday, February 1, 2022

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Course Materials

This webinar will review the updated Series W-8 reporting requirements for Forms W-8 BEN-E, W-8 BEN, and W-8 ECI. Our panel of foreign tax veterans will provide a comprehensive review of the new reporting requirement and an explanation of the underlying tax legislation necessitating these substantial revisions.

Description

Forms W-8 have been updated to comply with recent legislative changes. Taxpayers doing business with foreign investors or foreign account holders must use the revised W-8 forms beginning May 1, 2022.

Recent changes to Chapter 3 withholding regulations, new obligatory withholding requirements under IRC Section 1446 on sales of interests in PTPs, and other legislative changes necessitated the updated forms. A TIN is now required for withholding under Section 1446(f). Without a valid TIN, mandatory 10 percent withholding on the amount realized is required.

Without a properly completed Form W-8 BEN-E, U.S. payers must collect 30 percent withholding on certain interest payments, dividends, and other income effectively connected with a U.S. trade or business. Using expired W-8 forms can subject taxpayers to these maximum statutory withholding rates. International tax practitioners and multinational companies should grasp the new items and requirements of the W-8 series forms.

Listen as our panel of international reporting experts explains how to correctly complete the newly added lines and boxes to Forms W-8 and recommendations for updating existing Forms W-8 before the impending deadline.

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Outline

  1. Series W-8 reporting background
  2. Recent legislative changes
  3. W-8 BEN
  4. W-8 BEN-E
  5. W-8 ECI
  6. W-8 IMY
  7. Updating existing forms
    1. Deadlines
    2. Recommendations

Benefits

The panel will cover these and other significant issues:

  • Legislative background for the updates to Series W-8 reporting forms
  • The 10 percent withholding requirement under IRC Section 1446(f)
  • Claiming treaty benefits on Line 10 of Form W-8 BEN
  • Best practices for updating existing Forms W-8

Faculty

Ryan, Rita
Rita M. Ryan
International Tax Senior Manager
Wolf & Company

Ms. Ryan practices in the areas of international and domestic taxation, estate planning, and tax controversy....  |  Read More

Stone, Kristin
Kristin L. Stone, CPA, MST
Principal
Wolf & Company

Ms. Stone serves as a Senior Manager in Wolf’s Tax department, where she provides personalized tax planning and...  |  Read More

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