On Demand Webinar

Best Practices and Tips for Handling Recent Changes to Forms W-8 and W-9

Webinar Details $219

  • Rated:
  • Webinar Length: 100 Minutes
  • Guest Speaker:   Steven Mercatante
  • Topic:   Taxation and Accounting
  • Credit:   IRS 2.0
All Access Membership

Those making certain payments to non-employees must regularly deal with Forms W-9, W-8 or 8233, detailing specific information about the payee. Beyond regulating withholding, payers must make sure that the forms are current, complete and accurate. How can you ensure a proper form that will not subject your company to penalties, interest or tax? Join us for this webinar where you and your colleagues will discover:


•    How to accurately acquire information from payees
•    When you need and do not need to collect a Form W-9
•    Work effectively with vendors: Techniques for success
•    When to use each form W-8: Scenarios to consider
•    Discover how the latest changes can affect your business
•    Data points to capture from Forms W-8: Ensure compliance
•    Form W-8 & W-9 red flags: Spot them before it's too late
•    Keys to effectively validate and review your forms

Learning Objectives:

•    How to accurately acquire information from payees
•    When you need and do not need to collect a Form W-9
•    Work effectively with vendors: Techniques for success

  1. Introduction
  2. The Big W 9/W 8 Picture: 1042/1042 S Audits Up! 00:01:26
  3. New W-8’s! - New W-8BEN 00:08:53
  4. New W-8’s! - New W-8BEN-E 00:22:23
  5. New W-8’s! - New W-8ECI 00:37:34
  6. New W-8’s! - W-8IMY 00:41:53
  7. The W-9 00:48:31
  8. W-9/W-8 Validation For 1042/1042 S Filing - U.S. Persons 00:52:52
  9. W-9/W-8 Validation For 1042/1042 S Filing - W-9 to W-8 -Doubting the Documentation 00:56:29
  10. W 9/W 8 Data Validation Can Flow Together Presumptions - Presumption Standards for Individuals and  Exempt Recipients 01:58:17
  11. W-9/W-8 Data Validation Can Flow Together Presumptions - Presumption Standards for Unclassifiable Entities 01:00:16
  12. Must Have A W-9/W-8 Due Diligence Framework In Place Or Face Consequences 01:00:51
  13. W-9/W-8 Payee/Payment In Practice 01:02:18
  14. Who is My Payee: The W-9 and Non-U.S. Status Red Flags 01:03:50
  15. Who is My Payee U.S. (W 9) or Non-U.S. (W-8)? - U.S. or Non U.S. Person? 01:06:49
  16. Who is My Payee - W-9 vs. W-8 Resident Alien Visas  -  Determining Payee Tax Status 01:08:12
  17. Who is My Payee - W-9 vs. W-8 Resident Aliens and Counting Days - Substantial Presence Test (SPT) 01:11:12
  18. Who is My Payee Special W 8 vs. W 9 Entity Rules 01:12:01
  19. Who is My Payee - W-9 vs. W-9 Basic Rules 01:13:05
  20. W 8 vs. W 9: Purchase Invoices 01:14:38
  21. W 8 vs. W 9 and Reportable Income - How Income is Taxed 01:16:14
  22. W-8 Payment Sourcing 01:16:35
  23. W-8’s and Treaty Benefits 01:23:14
  24. Wrap Up of General W 8/W 9 Validation Tips 01:31:06
  25. Protect Yourself 01:34:03
  26. Attendee Questions 01:35:16
  27. Presentation Closing 01:42:24
  • Audit 00:04:10, 00:57:01
  • Backup Withholding 00:06:07, 00:57:51, 01:2:40
  • DBA -Doing Business As 00:50:54
  • Disregarded Entity 00:51:01
  • EIN 01:04:42
  • FATCA 00:20:08, 00:23:25
  • Federal Insurance Contributions Act (FICA) 01:09:31
  • Foreign Taxpayer Identification Number - FTIN 00:14:33, 00:16:42
  • Form 1042 00:03:56,00:05:00, 00:11:50
  • Form 1042-S 00:01:36, 00:03:34, 00:03:56, 00:05:00, 00:11:50, 00:39:44, 00:51:50
  • Form 7004 00:12:19
  • Form 8233 00:53:17, 01:23:14
  • Form 8809 00:12:22
  • Form 945 00:06:59,  00:57:48
  • Form W-8 00:01:24, 00:06:39. 00:09:34, 00:35:50, 01:01:38
  • Form W-9 00:01:24, 00:05:59, 00:06:42, 00:35:49, 00:48:34, 01:26:17
  • IRC Section 1446(f) 00:41:53
  • ITIN 01:04:24, 01:11:01
  • Limited Liability Company (LLC) 00:51:06
  • Nonresident Alien (NRA) 00:04:39, 00:09:38, 00:11:35, 00:17:57, 00:47:30, 00:54:06
  • Publicly Traded Partnerships (PTP) 00:40:53
  • Resident Alien 01:07:02, 01:11:10
  • Revenue 00:02:12
  • Safe Harbor 00:09:10
  • Sole Proprietor 00:50:54
  • Substantial Presence Test (SPT) 01:06:49
  • Tax Gap 00:01:59
  • TIN 00:11:33, 00:16:33, 00:22:20, 00:30:40, 00:47:08, 01:04:06, 01:23:55
  • TIN Match Program 01:26:05
  • Vendor 00:09:14, 00:21:18, 00:49:35
  • W-8BEN 00:14:19, 00:17:31, 00:21:38, 00:29:43
  • W-8BEN-E 00:22:26
  • W-8ECI 00:37:36
  • W-8EXP 00:53:24
  • W-8IMY 00:41:58, 00:44:11

Audit: A formal examination of an organization's or individual's accounts or financial situation

Backup Withholding: Backup withholding is the tax that is levied on investment income, at an established tax rate, as the investor withdraws it. Backup withholding helps to ensure that government tax-collecting agencies (such as the IRS or Canada Revenue Agency) will be able to receive income taxes owed to them from investors' earnings. (www.investopedia.com)

DBA -Doing Business As: Sometimes it makes sense for a company to do business under a different name. To do this, the company has to file what's known as a DBA, meaning "doing business as." A DBA is also known as a "fictitious business name," "trade name," or "assumed name."

Disregarded Entity: A disregarded entity refers to a business entity with one owner that is not recognized for tax purposes as an entity separate from its owner. A single-member LLC ( “SMLLC”), for example, is considered to be a disregarded entity. (www.pntax.com)

EIN: The Employer Identification Number, also known as the Federal Employer Identification Number or the Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service to business entities operating in the United States for the purposes of identification.

FATCA: FATCA was enacted in 2010 by Congress to target non-compliance by U.S. taxpayers using foreign accounts. FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. (www.treasury.gov). FACTA (Fair and Accurate Credit Transactions Act) is an amendment to FCRA (Fair Credit Reporting Act ) that was added, primarily, to protect consumers from identity theft. The Act stipulates requirements for information privacy, accuracy and disposal and limits the ways consumer information can be shared.

Federal Insurance Contributions Act (FICA): The Federal Insurance Contributions Act is a United States federal payroll contribution directed towards both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers.

Foreign Taxpayer Identification Number - FTIN: An FTIN is a taxpayer identification number issued by a country other than the United States. If aforeign person does not provide its FTIN, it must provide the withholding agent with an explanation ofwhy an FTIN has not been provided.

Form 1042: Form 1042, also "Annual Withholding Tax Return for U.S. Source Income of Foreign Persons", is used to report tax withheld on certain income of foreign persons.

Form 1042-S: Form 1042-S is used to report amounts paid to foreign persons (including persons presumed to be foreign) who are subject to income tax withholding. For an individual taxpayer, Form 1042-S is a document provided to you (and the IRS) by the payer of the income reported.

Form 8233: IRS Form 8233 must be completed when a non U.S. citizen is claiming tax treaty exemption from income taxes for income received for services provided as an independent contractor.

Form W-8: Form W-8 is filled out by foreign entities (citizens and corporations) in order to claim exempt status from certain tax withholdings. The form is used to declare an entity's status as non-resident alien or foreign national who works outside of the United States.

Form W-9: Form W-9 (officially, the "Request for Taxpayer Identification Number and Certification") is used in the United States income tax system by a third party who must file an information return with the Internal Revenue Service (IRS). It requests the name, address, and taxpayer identification information of a taxpayer (in the form of a Social Security Number or Employer Identification Number). - Wikipedia (https://en.m.wikipedia.org/)

ITIN : An Individual Taxpayer Identification Number is a United States tax processing number issued by the Internal Revenue Service. It is a nine-digit number that begins with the number 9, and the 4th and 5th digits, also known as second section, range from 70 to 88, 90 to 92 and 94 to 99.

Limited Liability Company (LLC): An LLC is a corporate structure where members cannot be held accountable for the company’s debts or liabilities. This can shield business owners from losing their entire life savings if, for example, someone were to sue the company. Can be a single member (much like a sole proprietor) or a multi-member. It shares certain traits of both corporations as well as partnerships or sole proprietorships. It is not a corporation.

Nonresident Alien (NRA): This income is taxed at a flat 30% rate, unless a tax treaty specifies a lower rate. Nonresident aliens must file and pay any tax due using Form 1040NR, U.S. Nonresident Alien Income Tax Return or Form 1040NR-EZ, U.S. Income Tax Return for Certain Nonresident Aliens with No Dependents.

PTP - Publicly Traded Partnership: A publicly traded partnership (PTP) is a business organization owned by two or more co-owners whose shares are regularly traded on an established securities market. A publicly traded partnership is a type of limited partnership managed by two or more general partners that can be individuals, corporations or other partnerships, and that is capitalized by limited partners who provide capital but have no management role in the partnership.

Resident Alien : A resident alien is a foreign person who is a permanent resident of the country in which he or she resides but does not have citizenship. To fall under this classification in the United States, a person needs to either have a current green card or have had one in the previous calendar year.

Safe Harbor: A safe harbor is a provision of a statute or a regulation that specifies that certain conduct will be deemed not to violate a given rule. It is usually found in connection with a vaguer, overall standard. Under the safe harbor, a “rental real estate enterprise” is treated as a trade or business for purposes of Sec. 199A if at least 250 hours of services are performed each tax year with respect to the enterprise. ... The safe harbor requires that separate books and records be maintained for the rental real estate enterprise.

Sole Proprietor: A business that legally has no separate existence from its owner. The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.

Substantial Presence Test (SPT) : The Substantial Presence Test (SPT) is a criterion used by the Internal Revenue Service (IRS) in the United States to determine whether an individual who is not a citizen or lawful permanent resident in the recent past qualifies as a "resident for tax purposes" or a "nonresident for tax purposes"; it is a form of physical presence test. The SPT should be used in conjunction with the Green Card Test (the criterion that the individual possessed a valid Green Card at any time of the year). An individual who satisfies either one or both of these tests is treated as a resident for tax purposes.

TIN: A Taxpayer Identification Number is an identifying number used for tax purposes in the United States and in other countries under the Common Reporting Standard. In the United States, it is also known as a Tax Identification Number or Federal Taxpayer Identification Number.

Tax Gap: The gross tax gap is the difference between true tax liability for a given tax year and the amount that is paid on time. It is comprised of the nonfiling gap, the underreporting gap, and the underpayment (or remittance) gap.

W-8BEN: Form W8-BEN, Certificate of Foreign Status of Beneficial Owner for U.S. Tax Withholding, is used by a foreign person to establish both foreign status and beneficial ownership, and to claim income tax treaty benefits with respect to income other than compensation for personal services. Give Form W-8 BEN to the withholding agent or payer if you are a foreign person and you are the beneficial owner of an amount subject to withholding. Submit Form W-8 BEN when requested by the withholding agent or payer whether or not you are claiming a reduced rate of, or exemption from, withholding.

W-8BEN-E: W-8BEN-E is an important tax document which allows businesses operating outside of the U.S. to claim tax exemption on U.S.-sourced income. The official document title is Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities).

W-8ECI: Form W-8ECI is the Certificate of Foreign Person's Claim for Exemption From Withholding on Income Effectively Connected With the Conduct of a Trade or Business in the United States. You must give Form W-8 ECI to the withholding agent or payer if you are a foreign person and you are the beneficial owner of U.S. source income that is (or is deemed to be) effectively connected with the conduct of a trade or business within the United States.

W-8EXP: A foreign government must provide Form W-8EXP to establish eligibility for exemption from withholding for payments exempt from tax under section 892 or for purposes of establishing its status as an exempt beneficial owner.

W-8IMY: This form may serve to establish foreign status for purposes of sections 1441, 1442, and 1446. The W-8IMY is used by an intermediary, a withholding foreign partnership, a withholding foreign trust, or flow-through entity.

Guest Speaker

  • Steven Mercatante

IRS Credit

Preparer Tax Identification Number