How To Complete IRS Form W-9 & W-8 Withholding Certificates
Learn how to complete IRS Form W-9 and W-8 for U.S. and non-U.S. entities. Avoid unnecessary taxes and penalties by providing accurate information to withholding agents. Download forms and review examples in this comprehensive course. Perfect for new entrepreneurs and companies making payments.
What you’ll learn
- Learn how to complete IRS Form W-9 for various types of U.S. entities
- Learn how to Complete IRS Form W-8BEN, W-8BEN-E, and W-8IMY
- We will review many real world examples of how to complete each certificate given a set of facts and circumstances
This guide aims to educate U.S. and non-U.S. individuals and companies on which version of the IRS withholding certificate they should complete and provide to a withholding agent. If you try to open a U.S. bank account, Amazon seller account, brokerage account, etc., the institution will ask you to complete a Form W-9 or Form W-8 withholding certificate. It is your responsibility to pick the correct one and furnish accurate information to the withholding agent. Failure to accurately complete a withholding certificate can result in unnecessary withholding taxes, fines, and penalties.
The IRS designed the withholding certificates to identify the beneficial owner of the income or account. The withholding agents also use the certificate to determine whether they must withhold any taxes on income paid to your account and whether the agent must report the payments to the IRS via a Form 1099 or Form 1042-S.
The course will cover the following topics and materials:
1. What is the IRS withholding certificate and where do I download the forms?
2. Who needs to complete the withholding certificate, and who is asking for them?
3. Review the IRS Form W-9 with several examples.
4. Review the IRS Form W-8BEN with several examples.
5. Review the IRS Form W-8BEN-E with several examples
6. Review the IRS Form W-8IMY with several examples
7. When does the beneficial owner need to update their withholding certificates?
Who this course is for:
- New entrepreneurs with a U.S. or non-U.S. entity and need to complete a withholding certificate
- Companies that make payments in the course of their business and need to collect withholding certificates
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