IRS Forms W-8BEN and W-9 Compliance After Tax Reform: New Information Requirements and ECI Rules

Withholding Agents' Certification and Withholding Duties in Foreign and U.S. Business Transactions

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


Conducted on Wednesday, July 24, 2019

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will provide corporate tax advisers with a detailed and practical guide to Form W-8BEN. The panel will describe the most recent 2017 changes to Form W-8BEN and will offer useful tips to help complete the form, including the treaty position references and issuing Form W-8 from the payor's and payee's perspectives.

Description

U.S. businesses making certain payments are required to obtain a Form W-8BEN or other W-8 (foreign entities or individuals), or a Form W-9 (U.S. taxpayers), bearing certain information about the payee. The forms, when properly filed, reduce or eliminate U.S. federal income tax withholding.

Form W-8BEN is part of the increasingly complex foreign information reporting regime, and the IRS integrates and cross-references W-8BEN filings with other information requirements, including FATCA requirements. IRS audit activity is aggressive in this area, and tax professionals need to grasp reporting obligations to file Form W-8BEN. A key challenge is determining when the forms are required from foreign and U.S. payees and when tax withholding is or isn't required.

Form W-8BEN requires any taxpayer claiming a treaty position to specify both the article and paragraph of the tax treaty that they are referencing. Also, filers are required to furnish more detail to support any claim of special rates, citing specific article and paragraph to substantiate eligibility for the claimed rate of withholding.

Listen as our panel of experienced tax advisers analyzes the upcoming new Form W-8BEN and provides insights for compliance with W-8BEN and W-9 for U.S. taxpayers.

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Outline

  1. Who must complete Form W-8BEN and related disclosures
  2. Form for entities
  3. Data collection and form validation challenges
  4. Impact of partnership centralized audit regime on push-out elections and withholding for non-U.S. partners
  5. Significant ongoing compliance challenges with W-8BEN and W-9

Benefits

The panel will review these and other key issues:

  • Implications of the new requirement for a foreign tax identifying number
  • Circumstances that require payor companies to obtain a form from payees or to withhold because they haven't received a valid form
  • Tactics for performing a line-by-line review to ensure a form is accurate and complete
  • Red flags for IRS auditors right now when they look at Form W-8BEN or Form W-9 pulled from your company's files
  • When an equivalent form is acceptable--and forms that are equivalent
  • Automatic exchange of information (AEoI) and W8 series/W9

Faculty

Barsky, Stanley
Stanley Barsky

Principal
EisnerAmper

Mr. Barsky's practice involves a broad range of transactional and general advisory tax law matters, with a focus on...  |  Read More

Gifford, Dirk
Dirk Gifford

Managing Director
KPMG

Mr. Gifford serves in the firm's International Corporate Services Practice. He focuses on working primarily with...  |  Read More

Gray, Armin
Armin Gray

Managing Partner
Gray Tolub

Mr. Gray's practice is focused on tax controversy, IRS Offshore Voluntary Disclosure programs, FATCA, and...  |  Read More

Pivovarova, Natalia
Natalia Pivovarova

Atty
Gray Tolub

Ms. Pivovarova concentrates her practice on taxation, focusing on taxation of real estate transactions and...  |  Read More

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