Vertical equity
The concept that people in different income groups should pay different rates of taxes or different percentages of their incomes as taxes. “Unequals should be taxed unequally.”

Voluntary compliance
A system of compliance that relies on individual citizens to report their income freely and voluntarily, calculate their tax liability correctly, and file a tax return on time.

Volunteer Income Tax Assistance (VITA)
This provides free income tax return preparation for certain taxpayers. The VITA program assists taxpayers who have limited or moderate incomes, have limited English skills, or are elderly or disabled.
Many VITA sites offer electronic preparation and transmission of income tax returns.


W-4 Form
Employee’s Withholding Allowance Certificate. Completed by the employee and used by the employer to determine the amount of income tax to withhold.

W-7 Form
Application for IRS Individual Taxpayer Identification Number. This form is used by alien individuals who are not eligible to obtain a social security number (SSN) to apply for an IRS individual taxpayer identification number (ITIN).

W-8BEN Form
Certificate of Foreign Status of Beneficial Owner for US Tax Withholding to be used by non-U.S. persons to establish that they are non-US taxpayers. This form, should NOT be used by U.S. persons (they use Form W9).

W8-ECI Form
Certificate of Foreign Person’s Claim That Income Is Effectively Connected With the Conduct of Trade or Business in the United States –
Persons submitting this form must file an annual U.S. income tax return to report income claimed to be effectively connected with a U.S. trade or business.

W8-EXP Form
Certificate of Foreign Government or Other Foreign Organization for United States Tax Withholding Form For use by foreign governments, international organizations, foreign central banks of issue, foreign tax-exempt organizations, foreign private foundations, and governments of U.S. possessions.

W8-IMY Form
Certificate of Foreign Intermediary, Foreign Flow Through Entity, or certain U.S. Branches for United States Tax Withholding ñ Used by FFI’s and Registered DC FFIís to certify their status as that entity.

W9 Form
Request of Taxpayer Identification Number and Certification – used by U.S. persons to seek exemption from withholding tax. Must include Tax Identification Number (TIN), for individuals this will be the
Social Security Number (SSN) and for entities this will be the FFI Employer Identification Number (FFI-EIN). This form should NOT be used by non-U.S. persons.

The act of holding some of the value of a payment, for the purpose of paying tax.

Withholdable Payment
(i) any payment of interest (including any original issue discount), dividends, rents, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, and other fixed or determinable annual or periodical gains, profits, and income, if such payment is from sources within the United States, and (ii) any gross proceeds from the sale or other disposition of any property of a type which can produce interest or dividends from sources within the United States.

Withholding Agent
An individual, corporation, partnership, trust, association, or any other entity, including any foreign intermediary, foreign partnership, or US branch of certain foreign banks and insurance companies that has control, receipt, custody, disposal, or payment of any withholdable payment.


Did you Know?

  • Fact Seven

    Thanks to FATCA banks must disclose their American account holders to the IRS or local tax authority.
  • Fact Six

    The IRS is actively looking for non compliant US persons.
  • Fact Five

    It takes an average of 16 hours to do IRS Form 1040.
  • Fact Four

    There are over 500 IRS tax forms.
  • Fact Three

    Since 1916, illegal income has been taxable.
  • Fact Two

    US persons must file tax
    returns no matter where they live and work.
  • Text One

    7 million Americans abroad
    only 500,000 compliant

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