“The IRS has released instructions for the requester of Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP, and W-8IMY, which supplement the instructions for those forms and help withholding agents and foreign financial institutions validate the forms for purposes of chapter 3 and the Foreign Account Tax Compliance Act requirements.  The instructions also outline the due diligence requirements applicable to withholding agents for establishing a beneficial owner’s foreign status and claim for reduced withholding under an income tax treaty.”

See Internal Revenue Service, “IRS RELEASES REQUESTER INSTRUCTIONS FOR FATCA COMPLIANCE,” 2014 Tax Notes
Today 140-39 (July 16, 2014).

Posted by Chuba Abaelu

Associate Editor, Wealth Strategies Journal