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Current W8 Form: What You Should Know

Form W-8BEN is an IRS document for residents of a foreign country who are required, or will be who want their business or organization to withhold and pay tax to the United States on income they earn abroad for the current year. The requirement is a minimum reporting requirement for certain foreign entities and for certain individuals in the United States. Who Needs to File an “Individual U.S. Tax Return”? Who is required to file “Individual U.S. tax return”? Individuals who are U.S. citizens, residents (green card holders), or legal permanent residents. They are considered U.S. taxpayers for purposes of United States tax reporting and payment, but generally are not required to report any foreign income as a U.S. taxpayer, and are not required to pay any income tax on that income, unless it is shown on their tax return. They are only considered U.S.  Attributable taxpayers for purposes of taxation to the extent of their worldwide income derived outside the United States  How to File Form W-8BEN Who is required to file Form (W-8BEN) to report income they earn as a U.S. individual for the current year and/or for the previous tax year? Foreign individuals and entities with domicile in the United States (whether they have a business, or are related to the owner or owner's spouse, who is also a full-time U.S. citizen or resident and who is present in the country for business purposes on every day of the week during the tax year) have filed an “Individual U.S. Tax Return” for the current tax year and must submit a copy of that Form W-8BEN to a U.S. tax agency before the end of the year to support their claim to U.S. taxation rights. Foreign individuals who are not the U.S. owner or owner's spouse and who are not present in the country for business purposes on every day of the week during the  tax year are generally presumed to be “nonresident aliens” for these purposes. If a foreign individual earns enough U.S. income during the year to qualify the individual as a U.S. U.S. taxpayer, the individual can file Form 2555 to report the income. To be considered foreign, the U.S.

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