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Forms W-8BEN and W-8BEN-E: IRC Section 1446(f) Withholding, Claiming Withholding Exemptions, and Treaty Benefits

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Monday, September 23, 2024

Recorded event now available

or call 1-800-926-7926

This webinar will review the updated Series W-8 reporting requirements for Forms W-8 BEN-E, W-8 BEN, and W-8 ECI. Our panel of foreign tax veterans will provide a comprehensive review of the reporting requirements and an explanation of the underlying tax legislation necessitating the preparation of these forms.

Description

W-8 forms are submitted to businesses, not the IRS. Still, the preparation of these forms can allow foreign taxpayers to claim exemption from certain withholdings and treaty benefits.

There are obligatory withholding requirements under IRC Section 1446 on sales of interests in PTPs. A TIN is required for withholding under Section 1446(f). Without a valid TIN, mandatory 10 percent withholding on the amount realized is required.

Without a properly completed Form W-8 BEN-E, U.S. payers must collect 30 percent withholding on certain interest payments, dividends, and other income effectively connected with a U.S. trade or business. Using expired W-8 forms can subject taxpayers to these maximum statutory withholding rates. International tax practitioners and multinational companies should grasp the new items and requirements of the W-8 series forms.

Listen as our panel of international reporting experts explains how to correctly complete the newly added lines and boxes to Forms W-8 and recommendations for updating existing Forms W-8 before the impending deadline.

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Outline

  1. Series W-8 reporting background
  2. Recent updates
  3. W-8 BEN
  4. W-8 BEN-E
  5. W-8 ECI
  6. W-8 IMY
  7. Best practices

Benefits

The panel will cover these and other significant issues:

  • Legislative background for the Series W-8 reporting forms
  • The 10 percent withholding requirement under IRC Section 1446(f)
  • Claiming treaty benefits on Line 10 of Form W-8 BEN
  • Best practices for updating existing Forms W-8

Faculty

Brister, Jack
Jack Brister
Managing Member
International Wealth Tax Advisors

Mr. Brister specializes in U.S. tax planning and compliance for non-U.S. families with international wealth and asset...  |  Read More

Gray, Armin
Armin Gray
Managing Partner
GRAY TOLUB

Mr. Gray's practice is focused on tax controversy, IRS Offshore Voluntary Disclosure programs, FATCA, and...  |  Read More

Tolub, Benjamin
Benjamin Tolub
Managing Partner
GRAY TOLUB

Mr. Tolub formed GRAY TOLUB LLP in New York to better serve the firm’s international clientele, either based...  |  Read More

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