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.
Objectives of the Presentation
Why Should you Attend
- 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
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
- Insurance companies
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.