Forms W-9 & W-8

The IRS has issued a revision of Form W-8EXP, Certificate of Foreign Government or Other Foreign Organization for United States Tax Withholding and Reporting, with a date of September 2016; the previous version was dated April 2014. According to U.S. Treasury regulations, once a new version of a form is issued, a withholding agent… Read More

Most businesses make payments to foreign-owned vendors. With the exception of payments for tangible property such as goods, materials, and equipment, payments to foreign vendors must be assessed to determine whether the business needs to withhold tax from those payments and report them on a Form 1042-S information return filed to the IRS, explains… Read More

by Marianne Couch April 2014 The final Form W-8BEN-E, Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities), was released in April and is available at Payers (withholding agents) are to begin using this entirely new form within six months of its revision date (listed on the form… Read More

July 7, 2014 The Foreign Account Tax Compliance Act takes effect July 1, and reporting and withholding requirements have changed. Form W-8BEN has been split into two separate forms-- The W-8BEN will be used for individuals and the other, W-8BEN-E, for entities. The Internal Revenue Service has updated instructions for all W-8 forms (W-8BEN,… Read More

As part of the 1099 information return statutory reporting requirements by the Internal Revenue Service (IRS), a company must obtain accurate taxpayer identification number (TIN) information and certification from U.S. persons (including resident aliens) or from foreign persons. Below is a summary of the IRS forms that are required as part of this 1099… Read More

When making their first payments to foreign vendors, many accounts payable professionals are unsure where to begin. They have questions about which payments are reportable, what percentage they should withhold, which form they should report the payment on, etc. Some of the most common questions AP & P2P members have involve form W-8. At… Read More

The Internal Revenue Service (IRS) requires that businesses request a Form W-9 (“Request for Taxpayer Identification Number”) in order to elicit a taxpayer identification number (TIN). If no W-9 is obtained, the business can suffer penalties and fines. It is imperative that the W-9 be obtained before setting up a new vendor in the… Read More

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