Hello everyone on YouTube Jim Baker here making a videos today about forms W8-BEN, W8-BEN E, and W-9. Specifically about form W8-BENE, as I get so many questions about this form because it is so confusing and because I want to clarify it for everyone here, so I have made a video. I am going to break it into three sections that I might chop it up into three different videos. If so, I will have the links to the second and the third video linked below. They should all come out at the same time because I am going to film it all at once. So the first video is what is form W8-BEN E, and why do I have to file it? Or I guess it is more appropriate to say why do I have to complete it right? The first thing I want to share is that for these forms are to certify and to verify your US tax withholding status. You can see at the top of every form, and I will open them up form W8-BEN. Let's open up the first form the W8-BEN. On this form you can see I'll make myself a little smaller so on this form you can see it is a certificate of foreign status of beneficial owner of United States tax withholding requirements. And do not use this form if you are not an individual. So this is just for an individual person. And if you have a single member LLC in the United States than you would technically be required to complete this form and give it to whoever's asking you for it's generally someone who's paying you something. So these forms are needed and required to give to people to companies, the businesses who are making payments and who are paying...
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What you should know about W8 Form
- Used to certify foreign status for U.S. income
- Required for claiming treaty benefits
- Available for download on the IRS website
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About W 8 From Revform
W-8 form, also known as the Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding, is a document required by the Internal Revenue Service (IRS) of the United States. It is used to establish that a non-U.S. citizen or foreign entity is exempt from or subject to a reduced rate of tax withholding on certain types of income received from U.S. sources. The W-8 form is typically required by non-U.S. individuals or entities who receive income from U.S. sources, such as dividends, royalties, rents, or compensation for services rendered. It helps the withholding agent (such as a U.S. financial institution or employer) determine the appropriate tax treatment for the foreign recipient. The form includes information about the foreign individual or entity's tax residency and potential eligibility for tax treaty benefits, allowing them to claim exemptions or reduced withholding rates if applicable. In summary, the W-8 form is essential for non-U.S. individuals or entities who receive income from U.S. sources and need to establish their foreign status and eligibility for reduced tax withholding.
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