Forms W-8BEN and W-9 Compliance in Foreign and U.S. Business Transactions

Duration: 60 Minutes
A practical look at the business transaction requirements and pitfalls faced by U.S. Withholding Agents in complying with IRS regulations concerning with the filling in and maintaining IRS form W8BEN and form W9.
Forms W-8BEN and W-9 Compliance
Instructor: Stanley I. Foodman
Product ID: 505924
Objectives of the Presentation
  • Who qualifies for use of form W8BEN?
  • Who qualifies for use of form W9?
  • What is FDAP?
  • What is ECI?
  • Implications of failure to withhold when required?
  • Other related forms
Why Should you Attend
Every U.S. business making certain payments is considered a Withholding Agent under Chapter 3 and or Chapter 4 of the Internal Revenue Code. Failure to comply with requirements for filling in and maintaining withholding certificates W8BEN and W9 can lead to significant financial penalties.

Who will Benefit
  • Exporting businesses
  • Financial institutions
  • Brokerage firms
  • Accounting firms
  • Attorneys
  • Insurance companies
Topic Background
Since 2010 and the passage of FATCA, the subject of required U.S. Withholding tax for certain business transactions has taken on greater significance for exporters, financial institutions, brokerage firms, accounting firms, law firms, and other businesses. A failure to have properly filled out, signed and dated required withholding certificates can lead to IRS penalties, interest and tax examinations.
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Instructor Profile:
Stanley I. Foodman is the CEO of Foodman CPAs & Advisors, and a recognized and respected forensic accounting and litigation support practitioner. Specializing in complex international and domestic tax matters, he has served as an expert witness and forensic accountant for some of the nation's most challenging, high-profile economic crime cases. He and his team of accountants also assist clients with a full range of accounting matters including compliance, voluntary disclosure, corporate and individual taxation, estate and trust tax and wealth planning.

Mr. Foodman is a former auxiliary special agent for the Florida Department of Law Enforcement with specialization in economic crime - money laundering, bank fraud, public corruption and discovery of hidden assets. He is also a former consultant to the Miami office of the U.S. Attorney for civil RICO money laundering recoveries.

He is an active member of the civic and charitable community focusing on education, legal and social justice and economic development.
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