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Forms W-8BEN and W-9 Compliance in Foreign and U.S. Business Transactions: Are You Ready? Meeting the Demands of the Substantially Overhauled W-8BEN Under New FATWA Rules THURSDAY, JULY 10, 1:00-2:50
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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 gathering all the necessary information. For both forms, you will need to provide your name, contact information, and taxpayer identification number (either a Social Security Number or an Employer Identification Number).
02
For form W8-BEN, which is used by foreign individuals, you will need to provide your country of residence and any applicable tax treaty information. Make sure to carefully review the instructions and complete all relevant sections accurately.
03
On the other hand, form W-9 is used by U.S. citizens and resident aliens. It requires you to provide your name, address, and social security number or taxpayer identification number. You will also need to indicate your status, whether you are an individual, partnership, corporation, etc.
04
Double-check your forms for accuracy and completeness. Any errors or missing information may lead to delays or rejections. It is recommended to review the instructions provided with the forms to ensure you have completed all the necessary steps correctly.

Who needs forms W8-BEN and W-9:

01
Form W8-BEN is required for non-U.S. individuals who are receiving income from U.S. sources. This includes individuals who are earning income from investments, rental properties, or any other U.S.-sourced income. It is essential for these individuals to fill out this form to establish their foreign status and claim any applicable tax treaty benefits.
02
Form W-9, on the other hand, is needed by U.S. citizens and resident aliens. It is commonly used for employment purposes or when providing taxpayer information to financial institutions, such as banks or brokerage firms. This form allows the IRS to verify the individual's tax identification number and other relevant information.
In summary, anyone who is a non-U.S. individual receiving income from U.S. sources should fill out form W8-BEN, while U.S. citizens and resident aliens should complete form W-9 for employment or financial purposes.
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