Draft Forms Released by IRS

The IRS released draft Forms W-9, W-8BEN and W-8BEN-E.These forms will be used by individuals and entities to certify their status under FATCA and under the standard withholding tax rules. A revised W-9 will be filed by U.S. persons to provide its taxpayer identification number and to certify it is exempt from FATCA reporting. A W-8BEN is to be filed by non-U.S. individuals and W-8BEN-E by non-U.S. entities. The W-8BEN to be used by individuals is only one page long and is relatively straightforward, although no draft instructions were provided. By contrast, the draft W-8BEN-E is eight pages long and has 27 separate parts. Non-U.S. entities will use this form to certify their status under FATCA and will check one of 28 boxes to claim a particular FATCA status and provide information supporting such status. No draft instructions have been issued for this form, either.

The IRS plans to finalize the forms by July 2013.