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Online solutions help you to manage your record administration along with raise the efficiency of the workflows. Stick to the fast guide to do Form W-8, steer clear of blunders along with furnish it in a timely manner:

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Will we need to fill "W-8BEN-E" to do business in the US as a foreign company?
Yes it nessecary, In conjunction with the new compliance requirements under the Foreign Account Tax Compliance Act (“FATCA”), the IRS has released the new Form W-8BEN-E (the “E” stands for entity). Form W-8BEN-E replaces the old Form W-8BEN, for U.S. taxpayers doing business with foreign entities or entities with foreign subsidiaries. Form W-8BEN-E documents the status of those foreign entities for U.S. income tax, tax treaty benefits, and FATCA purposes.Form W-8BEN-E serves four main purposes, as follows:Establish non-U.S. status;Claim beneficial owner status;Claim exemption from, or reduction in, U.S. withholding tax under Chapter 3 (the original foreign tax withholding laws); andIdentify the entity’s category under Chapter 4 (FATCA).Any U.S. taxpayer engaging in non-product related transactions (i.e., services) with a foreign entity must receive a completed Form W-8BEN-E from that entity, to determine whether that foreign entity is subject to the 30% default withholding on payments to foreign entities. In addition, the completed Form W-8BEN-E will determine whether the foreign entity is eligible for any reduced withholdings related to an applicable tax treaty.Note that IRS has also released a revised Form W-8BEN, for U.S. taxpayers doing business with foreign individuals.In a burst of administrative nightmares, the new Form W-8BEN-E is 8 pages long (as opposed to the old 1-page W-8BEN), and it has 30 different parts. Fortunately, any given foreign beneficial owner need not complete all 30 parts of the form. Rather, it will only need to complete those parts relevant to its particular business. However, all foreign beneficial owners must complete Parts I (Identification of Beneficial Owner) and XXIX (Certification).
Do I need to provide a W-9 form to customers asking for it?
A W-9 is for US persons only (companies and individuals). A W-8BEN-E is for foreign companies.It depends on whether you are selling software that is regarded as a product, rather than a license for which you are receiving a royalty.Legally, the software is almost certainly provided under license, and is a royalty. But for tax purposes, if you don't have the right to replicate or resell, it's essentially a product. Think of buying a copy of Windows. That's a product.If that's all you do, there's no need for a W-8BEN-E.So much for the technical mumbo-jumbo. It doesn't really matter. The W-9 request is sent to you by a company's accounts payable department. If you call them and say "I don't have to send you a W-9", they will likely tell you they will have to withhold 30% of your fee on account of tax. To get it back, you'd have to file a US return.The AP clerk would be wrong. So you escalate, right? Go to the AP supervisor, who either doesn't know the answer, or is afraid to risk his job. So he punts to the  VP tax, who calls his external accounting firm. Eventually, the right answer is provided, and it makes its way down the chain, right?  And then your customer puts in place a whole new protocol to figure out just when a W9 or W-8BEN-E is required.Wrong. Nobody wants to play this game. In reality, your customer says, "get a US Employer Identification Number, and fill out a W-8BEN. Otherwise we won't buy from you."And you find a firm like ours, which will charge you C$600 to get the EIN, and another $600 to fill out the W-8BEN-E, and you're done. That's how you make a customer happy (or at least avoid pissing them off).
Can I do intraday trading in the foreign stock market?
I get this question multiple times in my inbox so let me put all the details in a single post.Can I trade in foreign account as an International trader?The short answer is YES.But there are number of paper works to be done before you can start trading in a foreign account.Let us say you want to trade in American stock market as a foreigner.What do you need to get started?A completed account application form. You can get this from the brokers website.As an individual you need to fill out a W-8BEN form for tax purposes. In case you want to trade as an entity then you need to fill W-8BEN-E form.You need to have a passport, in case you don’t have passport any government photo-ID, along with a letter stating that you do not have a passport.A verification of your address, country of residence needs to be done by providing utility bill. Preferably brokers ask for a bank statement. The documents must be in English characters or certified English translation.Which Countries qualify?Most countries can trade on US markets except a handful like Iran, Nigeria etc. You can know this easily by going to a international brokers website and check in the drop down menu if your country is listed or not.You can always pick up the phone and call these brokers if you have additional questions. They will walk you through additional paperwork that you may need to be complaint depending on your personal situation. Try to call multiple brokers as some brokers are easy on their terms if you satisfy basic requirements. Once you have setup your foreign account then you are good to go.I publish trading ideas on my Facebook page Trading Marathon. Do like and follow my page for more details. Cheers.
What is the purpose of W8-BEN certification?
US Income Tax WithholdingNon-US persons (whether individuals or entities, such as foreign corporations) are subject to US. tax at a flat 30% rate on certain kinds of income they receive from US sources. Sometimes an Income Tax Treaty negotiated with the US and another country can be used to reduce this tax rate.The tax is withheld at source by the payor of the income. This payor, also known as a “withholding agent”, has responsibility for withholding the required tax and paying it over to the US Internal Revenue Service (IRS). In the event withholding is required and the withholding agent fails in its duties, the agent can be held personally liable for the tax. For this reason, payors are usually very careful to ensure they have undertaken all the necessary actions, part of which is to obtain a certification from the payee as to whether the payee is a US person or a foreign person.The 30% (or lower Treaty rate) withholding tax is required only for payments made to foreign payees, it is not required when the payee is a US person. Foreign persons complete one of the forms in the Form W-8 series (e.g., Form W-8 BEN). US persons do not complete a form in the W-8 series. Instead, they use Form W-9.When the payor of the income has the W-8BEN on file, the payor will be apprised that the payee is a non-US person and will undertake its withholding duties. If the payee is a US person with a completed Form W-9, the payor will know it does not have to withhold this 30% tax.US Source Income Subject to Withholding TaxListed below are some types of income that are subject to withholding when paid to non-US persons, if the payments are from US sources: Certain kinds of Interest (including certain original issue discount / OID); Dividends; Rents; Royalties; Premiums; Annuities; Compensation for, or in expectation of, services performed; Substitute payments in a securities lending transaction; or Other fixed or determinable annual or periodical gains, profits, or income.Certain types of US source income are not subject to foreign-person withholding. Some examples of such income are:• Broker proceeds (e.g., sales of US stocks / securities)• Short-term OID (183 days or less)• Bank deposit interest• Foreign source interest, dividends, rents, or royalties• Proceeds from a wager placed by a nonresident alien individual in the games of blackjack, baccarat, craps, roulette, or big-6 wheel (a later blog post will cover US tax issues on gambling winnings of foreign persons)However, you may still be required to submit Form W-8BEN to claim an exception from US information reporting and so-called “backup withholding” for these types of US source income.Form W-8BENIf a non-US person (whether an individual or a foreign entity) will receive any of these certain types of income, he must provide the Form W-8BEN directly to the payor of the income (do not submit the Form to the IRS) to establish that he is not a US person and to claim that he is the beneficial owner of the income. Form W-8BEN must be signed and dated by the beneficial owner of the income, or, by an authorized representative as evidenced by a duly completed Power of Attorney (The IRS Form 2848, Power of Attorney, may be used for this purpose).How Long is the Form W-8BEN Valid?The Form W-8 BEN must be kept up-to-date. If it is not, the foreign person may find that the agent has wrongfully withheld tax on the income. It is quite time-consuming, costly and cumbersome to get wrongfully withheld amounts refunded from the IRS.Generally, a Form W-8BEN provided without a US “Taxpayer Identification Number” (TIN) will remain in effect for a period starting on the date the form is signed and ending on the last day of the third succeeding calendar year, unless a change in circumstances makes any information on the form incorrect. For example, a Form W-8BEN signed on September 30, 2022. remains valid through December 31, 2022. A Form W-8BEN with a US TIN will remain in effect until a change of circumstances makes any information on the form incorrect, provided that the withholding agent reports on Form 1042-S at least one payment annually to the beneficial owner.
What is the difference between IRS W-8BEN and W-8BEN-E forms?
Sure, I can address tax issues here. You would use the W-8 Ben for an individual situation. And, you would use the W-8 Ben E for a company situation.Though, the actual completion of the form center on how the US international tax provision taxes the foreign person or company on the income. So, we first apply the tax law based on the fact situation at hand. So, the form completion centers on tax law and treaty law.Then, and if the person or company home country has a specific tax treaty with the US, we would then apply the exact treaty provision for mitigating (reducing) the withholding required.Here, we need to understand how treaties work and apply the most recent treaty or possibly and updated protocol or competent authority position between the US and the home country when we complete the treaty section of the W8-Ben or Ben-E. The above represents the procedure I have used when dealing with this situation. As with all events dealing with the US tax law completing this form correctly and fully provides for the best outcome allowed by tax law and treaty law.I have completed the above based on the fact situation. If the income type or facts change above, the tax results may change for sure. www.rst.tax
What is a W-8BEN form? What else should I do to be a freelancer on Upwork?
Hello...First Answer :- W-8BEN --- It is a foreign financial institution (FFI) .. generally means a foreign entity that is a financial institution. Foreign person. A foreign person includes a nonresident alien individual and certain foreign entities that are not U.S. persons (entities should complete Form W-8BEN-E rather than this Form W-8BEN).The purpose of the W8-BEN is to establish that someone is a foreign person (certificate of foreign status). It is used at audit time to support a 30% tax rate. Claim that an NRA is the beneficial owner of the income for which Form W-8BEN is being provided. It is used at audit time to support a 30% tax rate. Claim that an NRA is the beneficial owner of the income for which Form W-8BEN is being provided. Claim a reduced rate of, or exemption from withholding as a resident of a foreign country with which the United States has an income tax treaty.Second Answer :- It's really a good question.. But I can’t explain about freelancing at once. Because so many things I have to write. So That's not a right way to learn.. In small, I Can say you that you have to learn a lot about it.. So you can research in Google and you can check YouTube tutorials... That's a good way to learn freelancing..Even I learned the same way.... So let check it out..Thank you..
I have a bank account in the US, but I'm not a citizen nor a resident of the US. What form should I submit when receiving money from ads in mobile apps?
I’ll assume you are asking about the form you will need to provide to a U.S. payer of advertising income and/or to a bank. If so, U.S. payers and banks generally ask for a tax withholding certificate in order to apply the correct amount of tax on your income.If you are a non-resident person, the type of form depends on the type of income being paid and the type of person receiving the income. The forms are W-8BEN (W-8BEN-E), W-8ECI, W-8EXP and W-8IMY. Each form serves a different purpose as explained in our FAQ section. You will need to select the correct form based on your circumstances.
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