Terms were not explained such as CIF number, form W-9
, PEP identification and FATCA status information.
Generally, the payee provides the with holding agent with a Form W-9
or W-8 to determine a payee's status as a nonresident alien or U.S.
payee has not provided its taxpayer identification number on Form W-9
, Request for Taxpayer Identfication Number and certification, and in certain other situations.
The preamble to the final regulations states that, in response to comments that requested the FATCA regulations incorporate the so-called, eyeball test from chapters 3 and 61, the final regulations allow a withholding agent to, rely upon documentary evidence obtained with respect to the payee, in lieu of a Form W-9
, in order to establish the entity's status as a U.S.
If you've made the determination that the person you're paying is a bona fide independent contractor, you should have the contractor complete IRS Form W-9
. This form can be used to request the correct name and Taxpayer Identification Number of the worker.
The bank is said to have sent letters to clients asking them to submit a Form W-9
and a confirmation that they have been complying with US tax laws.
Breland suggested nonprofits start collecting Form W-9
now for all vendor payments, not just payments for services to non-corporations and consider validating vendor TINs by signing up for the IRS'TIN Matching service (866-255-0654).To transfer the reporting burden to another entity, Breland suggested obtaining purchase cards for vendors they often purchase goods and supplies from, since the provision exempts credit or purchase cards, leaving it up to the credit card company to worry about filings.
* Any changes that might be needed to Form W-9
, Request for Taxpayer Identification Number and Certification, and related rules for soliciting taxpayer identification numbers (TINs), and other concerns regarding identifying payees.
As interpreted in Switzerland, simple inaction or failure to file IRS Form W-9
, is not fraudulent within the meaning of Section 6.5.4 of the DTC.
This form is meant to mimic the genuine Form W-9
. However, the only personal information that a genuine W-9 requests is the taxpayer's name, address and Social Security number or employer identification number.