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MT online Form W-8BEN: What You Should Know
If you are not sure if you're required to file for these forms, be sure to review the FATWA rules and regulations. FATWA Information FATWA is a federal law that seeks to increase transparency of U.S. business transactions involving cross-border financial transactions involving high-net-worth individuals, known as “high net worth.” FATWA requires reporting of U.S. transactions involving high- net worth individuals that are not required to be reported to the Internal Revenue Service. If you wish to be considered a high- net worth person, your financial net worth must be at least 50 million for married individuals filing a joint return or 100 million for a couple filing a separate return. As a small business owner, you must have a U.S.-based account for all domestic and foreign business activities. A high- net worth person (HNWI) is defined as an individual (other than an individual who is a member of a partnership or S corporation in which more than one-half of the members of such partnership or corporate entity are HNWI) who has, on the date of the individual's termination of any U.S. ownership interest in any corporation or partnership, gross, current, or accumulated wealth in excess of 1,000,000.00 or is considered by one or more of the following to be an HNWI: 1. An individual who in the prior year had gross income in excess of 240,000.00, 2. An individual who in the prior year had gross salary or wages in excess of 240,000.00, or 3. An individual who in the prior year had a self-employment income in excess of 240,000.00. The purpose of FATWA is the detection and prosecution of tax evasion.
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