Forms W-8BEN And W-9 Compliance In Foreign And U.S. Business Transactions: Meeting The Demands Of The Substantially Overhauled W-8BEN Under New FATCA Rules

Webinar: ID# 1027627
Recorded CD or On-Demand
About This Course:
This webinar will provide corporate tax advisers with a detailed and practical guide to IRS Form W-8BEN. The panel will describe the most recent 2017 changes to the W-8BEN, and will offer useful tips to help complete the form including new treaty position references and issuing Form W-8 from the payor’s and payee’s perspectives.

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 form, when properly filed, allows non-U.S. persons with an exemption from backup withholding regulations on U.S. sourced income.

The 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 fully understand 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.

The IRS recently issued revisions to Form W-8BEN, requiring any taxpayer claiming a treaty position to specify both the article and paragraph of the tax treaty that they are referencing. Also, filers are now 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.

    Terms of revised Form W-8BEN Form
  • New disclosure requirements to claim treaty benefits
  • Form for entities
    • Eight pages and 30 separate parts
    • New data elements to be validated and possibly stored
    • Separate checkboxes to indicate status

  • Best practices for validating forms
  • Current IRS audit imperatives

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 a W-8BEN or W-9 pulled from your company’s files
  • Scams involving fake Form W-8BENs
  • When an equivalent form is acceptable—and forms that are equivalent
  • Automatic exchange of information (AEoI) and W8 series / W9
  • W-8s and 1042s
How To Access Course And Materials

Handout materials and the phone number for live presentations are made available to you one day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.

If you order a recorded version of the webinar, CDs will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.

Continuing Education Credits Available

This program has been approved for 2.0 CPE hours through Strafford Publications. To obtain CPE credit, attendees must participate in the live event (recorded versions do not qualify for credit), return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.

Strafford will mail a certificate of credit within approximately two weeks of receiving your completed Official Record of Attendance, provided all required conditions have been satisfied.

Strafford is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
Forms W-8BEN And W-9 Compliance In Foreign And U.S. Business Transactions: Meeting The Demands Of The Substantially Overhauled W-8BEN Under New FATCA Rules
Available on CD or On-Demand formats
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