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Forms W8BEN and W9 Compliance in Foreign and U.S. Business Transactions Meeting the Demands of the Substantially Overhauled W8BEN Under New FATWA Rules THURSDAY, NOVEMBER 12, 1:002:50 pm Eastern IMPORTANT
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How to fill out forms w8ben and w9

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How to fill out forms W8BEN and W9:

01
Start by obtaining the necessary forms. The W8BEN form is used by foreign individuals to certify their non-US status, while the W9 form is used by US individuals to provide their taxpayer identification number (TIN).
02
On the W8BEN form, begin by entering your name, address, and country of citizenship. You will also need to provide your foreign tax identification number (if applicable) and your US taxpayer identification number (if any).
03
Indicate your foreign status and the reason you are providing the form. This could be for tax treaty benefits or to claim an exemption.
04
Sign and date the form before returning it to the appropriate party, such as the withholding agent or payer.
05
On the W9 form, start by providing your name, address, and social security number (SSN) or employer identification number (EIN) if you are a business entity.
06
Indicate the type of taxpayer you are, whether an individual, sole proprietor, corporation, or other entity.
07
Sign and date the form, certifying that the information provided is correct.

Who needs forms W8BEN and W9:

01
Form W8BEN is required for foreign individuals who have earned income in the United States and want to claim a tax treaty benefit to reduce or eliminate their U.S. tax liability. This form is also used to certify their non-US status for various purposes, such as opening a bank account or investing in US securities.
02
Form W9, on the other hand, is needed by US individuals or entities that are requested by a payer to provide their taxpayer identification number (TIN). This form is commonly used by freelancers, independent contractors, and vendors who receive income subject to backup withholding, such as royalty or rental income.
03
Both forms play a crucial role in ensuring that accurate tax reporting and withholding obligations are met by the appropriate parties, whether it's the foreign individual claiming tax treaty benefits or the US individual or entity providing their TIN for tax reporting purposes.
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Forms W-8BEN and W-9 are tax forms used by individuals and entities to certify their tax status to the IRS.
Non-resident aliens and foreign entities are typically required to file Form W-8BEN, while U.S. persons and businesses are required to file Form W-9.
Forms W-8BEN and W-9 can be filled out by providing personal information, tax identification number, and certifying under penalties of perjury.
The purpose of Forms W-8BEN and W-9 is to gather tax information from individuals and entities to comply with U.S. tax laws.
Forms W-8BEN requires information on the individual's or entity's tax status, while Form W-9 requires personal information and tax identification number.
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