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How to prepare Form W-8BEN

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What Is form w 8ben?

Today, so many people from different corners of the planet work for the companies registered in the United States. They are not the citizens and do not have the status of the residents. In this case, they need to do something to avoid paying taxes to both the United States and their country of citizenship.

Form W-8BEN is specially designed to solve this problem and simplify the life of a common taxpayer. It is also known as the Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals). Different countries have different double income taxation agreements with the United States.

On our site, you will not only find the information how to complete it, but also have a chance to do that electronically, avoiding printers, pens, and, accordingly, uncorrectable errors. Try all editing tools to simplify your life, save time and do everything right. Download and fill out this form for a few minutes.

What is W-8BEN Form Used for?

Using Form W-8BEN, you confirm your status of a nonresident of the United States. You must file this form once every two-three years, otherwise you will be required to pay 30% tax. The form must be provided to your income payer, but not to the IRS (Internal Revenue Service).

The form is used to prove that you are not the United States resident and that the money you have received is your income earned on the territory of this country. It must contain a signature of the beneficial owner of that income or the authorized representative. After you submit this form, it will be valid for three calendar years from the date of its signing.

How to Fill out W-8BEN

Never use Form W-8BEN if you are not an individual. The United States citizens and residents, or intermediaries do not file this. There are generally three parts. In the first part, you must pryour personal information:

  • name of individual who is the beneficial owner;

  • country of citizenship;

  • permanent residence address;

  • mailing address;

  • U.S. taxpayer identification number;

  • reference number;

  • date of birth.

The second part is devoted to the claim of the tax treaty benefits, where you indicate special rates and conditions. The last part is a certification where you confirm that you understand the possible results of online W-8BEN submission and Pryor agreement. The last step is the signature.

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Common Mistakes

Failing to select an entity type
Failing to select a FATCA status
Failing to sign and date the form
Providing an incomplete permanent residence address
Failing to print the name of the signatory

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FAQ - Form W-8BEN

What is the purpose of Form W-8BEN?
S. Residents and U.S. corporations on worldwide incomes, it is necessary to allow the U.S. financial reporting system the ability to report the foreign source income of U.S. citizens and resident aliens that has been earned outside the U.S. and has been deposited into a U.S. bank account through electronic funds transfer or other deposit method that is then reported to the IRS. This reporting requirement is commonly described as the “effective tax rate.” “For a U.S. resident, if the financial reporting system indicates that an income may have come from or is sourced from overseas to a person or entity other than the U.S. resident, the U.S. resident must file form W-8BEN with the IRS. If the financial reporting system indicates that an income may have come from, is sourced from, or is an asset of a foreign entity other than the U.S. resident, the non-resident, U.S. resident, or U.S. corporation must file forms 1040EZ (or 1040A (or 1040A-EZ) which report the U.S. source income of any offshore income from which they cannot deduct or tax foreign source income).” (see also “Non-Resident Foreign Entity (ARE) Tax” below.) Which foreign country/s are affected? This means: The U.S. tax regime applies only to U.S. citizens; A non-resident alien cannot have U.S. tax residency nor may a non-resident alien own or control U.S. assets; An entity other than a corporation may not have U.S. tax residency or be able to control U.S. assets. A taxpayer is considered foreign-owned to include U.S. companies that are controlled by foreign persons. The foreign country or countries must be considered as having a “negative tax rate” for the purpose of determining U.S. tax residency. An example of this would be the U.K. where there is a 50% effective tax rate for U.K. companies and income from the U.K.
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