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Form W-8BEN for St. Petersburg Florida: What You Should Know

As a financial institution, you must know that a Withholding Certificate is necessary for every payment sent to you. There are two types of withholding certificates in the United States. A “Withholding Certificate of Registered Beneficial Owner” is required to make payments from U.S. bank accounts. A “Withholding Certificate of Beneficial Owner” is also required for payments sent to non-U.S. bank accounts. You will need both types of Form W-9 at the same time to remit the payment. The Withholding Certificate of Beneficial Owner is often used when sending cash to someone outside the United States. For more information on Forms W-9, see our articles: Paying Tax With a Taxpayer Identification Number (TIN) (IR-2017-34) and How to File a Tax Return When You Can't Find Your Taxpayer Registration Number (IRS Form W-8BEN). A non-U.S. bank account can have any of the following types of Form W-9: A non-U.S. Account Receivable (ACR) A Receipt of Payment A Receipt of Withholding The IRS requires a Form W-9 if you want to remit US cash into a non-U.S. bank account. Your payment must either be in US currency or in a foreign currency. Payment of Withholding to Non-U.S. Banks When US money is withdrawn from a foreign bank account, the following rules apply: If you withdraw any money from a non-US dollar bank account, report the transfer to the U.S. withholding agent, and make a payment report. The payments reported may be considered as cash withdrawn out of the non-U.S. bank account, so report the transfer to the US tax authorities in the form of a W-9. For example, if you have a deposit in a foreign bank account, report the withdrawals (and all of their associated payments) to the IRS. The payment should contain the name of the bank, date, dollar amount, account holder name, the routing number, and the U.S. taxpayer identification number for the account holder. If you withdraw any money from a U.S. dollar bank account, report the transfer to the non-US bank and make a payment report. When paying U.S. cash to a foreign account, the following rules apply: Payment into a foreign account must have a U.S. dollar balance.

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