Users benefit from digitizing the data points from multiple tax forms including CRS self-certifications, Forms W-8
, W-9, 8233 and KYC documentation.
TEI welcomes the transition period and other relief provided by Notice 2014-33 and commends the 1RS and Treasury Department for responding to taxpayer comments regarding the practical problems presented by FATCA compliance, especially in the continued absence (as of this writing) of instructions to the final Forms W-8
. The relief provided by Notice 2014-33 strikes the proper balance between implementing an effective FATCA withholding regime and the practical challenges taxpayers face in making the necessary systems, process, documentation, and other changes to properly comply with Chapter 4.
An entity that is disregarded as an entity separate from its owner does not submit Forms W-8
Countless different Forms W-8
exist with many complex requirements and it can be overwhelming and time-consuming for payees to determine which form to use and how to complete them adequately.
While the extension is generally helpful, the ability of non-financial institutions to fully comply by the extended dates is heavily contingent on timely release of the coordinating regulations, the final Forms W-8
series and W-9, and, in particular, the instructions to those forms.
* Forms W-8
, 1001, etc., including those that already had expired, generally are valid for 2001 (provided the withholding agent can demonstrate good faith in making an effort to obtain new withholding certificates);
* Forms W-8
that list a post office box as a permanent residence address can be relied on (contrary to the regulations), if the withholding agent does not know (or does not have reason to know) that the person providing the form is a U.S.