Form w8 imy instructions11/9/2023 If a valid W-8 is not received, the Treasury Regulations contain presumption rules for withholding agents to apply in determining the status of payees for withholding purposes. W-9, 8233, W-8 form) to verify the payee’s FATCA status. Receive appropriate documentation (e.g.Have procedures in place to report and potentially withhold tax from payments that are subject to withholding.Have procedures in place to categorize foreign payees and identify any payments that would be subject to withholding.entities provide information about any U.S. persons invested in accounts outside of the U.S. Among the new requirements, foreign financial institutions must provide the Internal Revenue Service (IRS) with information on certain U.S. persons through the use of offshore accounts. The Foreign Account Tax Compliance Act (FATCA) is aimed at addressing perceived tax abuse by U.S. sourced income or a tax treaty exemption is available. As the withholding agent, Duke University is required to withhold tax on these types of payments unless a foreign payee can demonstrate that income is not U.S. For example, the source of compensation income is where the services giving rise to the income were performed. The source of income can be affected by the type of income. Under United States law, foreign individuals and entities are subject to withholding on U.S. Requirements for payments to foreign individuals and entities: Required Forms for Payments to Individuals IV.
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