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Tax Forms W-8Ben & W-8Ben-E: Hiring Foreign Persons: What You Should Know
Form W-8BEN is to be filled out on the 10th day of the 30th month after the reporting period ends or the reporting period begins, whichever occurs first. Form W-8BEN-E is for foreign-owned private limited partnerships (LLC) when there is a beneficial owner for whom the form is required. If you were a Nonresident individual or a Nonresident corporation for any reporting period, you are a beneficiary of a foreign person for reporting purposes and to document your beneficial owner(s) for chapter 7 tax purposes. Who is required to file Form W-8BEN? As a nonresident corporation or an individual: If income or profits of a corporation or a business, or amounts paid to you, represent income or profits of a foreign person. If you received amounts from a foreign corporation or business or are an employee in a foreign partnership or LLC. If you were a resident of another country for at least 6 months during the five-year reporting period. In order to be a reportable foreign person, you must fill out the Forms W-8BEN-E and W-8BEN-Y and keep the required forms for 5 years. Are there limitations as to the number of people that you can file Forms W-8BEN for? No person can be a reportable foreign person if more than 20 individuals are reportable within a year that would confirm they are U.S. employees, residents (as opposed to international travelers and nonresidents) or have income that can be claimed on a tax return. Are there limit to the amount of information that can be reported from each person? Yes. Each person who fills out the Required Info Form from a foreign person must provide certain information that confirms the person is entitled to a W-8 tax benefit. In order to report on a foreign person, each person must present a reportable report for that person. What type of information must be provided to determine the number of reportable persons? Information to confirm that persons are entitled to a reportable foreign person tax benefit. Information that may include names, addresses, tax year, country of citizenship, citizenship documents, Social Security Number, and employment information.
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