Home | Blog | Existing W-8 form OK to use for 2014, says IRS Official

Existing W-8 form OK to use for 2014, says IRS Official

Earlier this year, the Internal Revenue Service (IRS) released new versions of Forms W-8 to reflect the W-8 form rev
changes made by Foreign Account Tax Compliance Act (FATCA). The W-8BEN-E is required by entities and the W-8BEN is for individuals.  Furthermore, there is a new Form W8-IMY which is used by foreign intermediaries or foreign flow-through entities. As the instructions for the Forms W-8BEN-E and W8-IMY have not been released, the IRS understands that without such instructions, the forms may not be correctly filed and therefore, they are working diligently to complete these instructions.

Bloomberg reported, at the 26th Annual Insurance Tax Seminar sponsored by the Federal Bar Association Section on Taxation on May 29, that IRS Associate Chief Counsel, Steven Musher, stated taxpayers can use the existing series of W-8 forms through December 31, 2014 to begin their account identification procedures under FATCA.  This will help alleviate confusion of which form to use, given the lack of instructions for the new W-8 BEN-E.

In Notice 2014-33, the IRS also says that it would take reasonable compliance efforts into account in a two-year transitional period provided the responsible reporting party has “made good faith efforts to comply with the requirements of the chapter 4 regulations and the temporary coordination regulations.”   Musher noted that when evaluating whether FATCA efforts are made in good faith, “written procedures that reflect what is being implemented will be received well.”

During this transitional period, it is imperative to contact your tax advisor to ensure you are making a reasonable effort to comply with your existing FATCA requirements. If you need help identifying your company’s FATCA status or with FATCA registration, please contact us.

Original Source Material:
“IRS Official Says Existing W-8 Forms OK To Comply With FATCA Through Year’s End”
104 Daily Tax Report G-3, May 30, 2014

Here to Help

Here to Help

Contact one of our specialists

London
US Tax & Financial Services Ltd
3 Harbour Exchange Square
London E14 9GE
United Kingdom

T: +44 20 7357 8220

F: +44 20 7357 8225

Email Us

Zurich
US Tax & Financial Services Sarl
Brandschenkestrasse 20
CH-8001 Zurich
Switzerland

T: +41 44 387 8070

F: +41 44 387 8079

Email Us

Geneva
US Tax & Financial Services Sarl
Blvd. Helvetique 36
CH 1207
Geneva
Switzerland

T: +41 22 700 2500

F: +41 22 700 2526

Email Us

Middle East, Asia and the Americas
US Tax & Financial Services GmbH
Löwenstrasse 28
PO Box 1367
CH-8021 Zurich
Switzerland

T: +41 44 387 8070

F: +41 44 387 8079

Email Us

Nordics
US Tax & Financial Services Ltd / MAJATTORNEY
Norra Skeppsbron 5B
SE 803 10, GAVLE
Sweden

T: +46 26 18 82 22

M: +46 70 61 88 016

Email Us