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Form W-8BEN AR: What You Should Know
Allianz Credit Union. American Express Card. To have my tax information sent directly to my bank, I would have to switch to a substitute IRS forms W-8 and W-9, the latter being just an email from the IRS to the card company. I am assuming the IRS would not mind if the card companies did not send the cardholder tax statements to the IRS. It would seem that it is not against IRS regulations to have the card information provided to a tax preparer, but that the preparer would then use the information to advise the cardholder on what the tax return should contain. If we apply this principle to the tax return, and assume that all the IRS wants is to know what my income tax rate is, and that I owe more or less than what I have earned for the last 5 years, I would have the following alternatives: A) I could fill out the Tax Form W-8BEN and send it to any other federal withholding agent that has control, receipt, or custody of the income of which I am the beneficial owner or of which I am the owner of any income of which I am a beneficial owner, if I am the owner of the income, and I do not have control of (or custody of) the income; or B) I would have to file Form W-1, Application to Replace Form W-9. Form W-1 is basically a paper application which allows the holder to request that the IRS fill out a federal W-9 form when he or she does not have the physical form. The IRS is unable to process a federal W-9 form within 30 days of the application; instead it has to mail the applicant Form 1099, W-9, for the missing information. The Form W-9 (or W-8) is the form the IRS will require in order for the IRS not to send the cardholder an additional tax statement. It has to be a paper W-9, if it is to be sent to the card company. The Form W-9 should not be mailed to the actual payer. The card company will get the actual tax statement once it gets the final tax information from the IRS regarding the tax return. There are two ways to fill out the W-9: 1) You can fill out the paper Form W-9 at the IRS or pay with a debit or credit card.
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