Form Instructions W-8BEN online Clarksville Tennessee 2021-2025

Form Instructions W-8BEN online Clarksville Tennessee: What You Should Know

S. “Beneficial owner” (as defined below)? See the instructions for Form W-8BEN, SEC.gov, for more information on beneficial owners.  “Beneficial owner” is defined in 26 U.S.C. § 6038A(a), and includes any person, other than a U.S. national, who controls more than 50% of the voting power of an entity, or by virtue of other ownership relationships controls more than one-tenth  of the total combined voting power of all the shareholders of an entity owned by the person. For purposes of this definition, “control” includes the exercise of any authority over the company, the control of any person over the company, or the control of any person over any other person. “Non-U.S. person” is defined in § 301.7701-2 T.D. 65. “Entity” is defined in § 6038A(a), and includes a partnership or entity organized under State law. For reporting purposes, only domestic firms are treated as domestic entities. If this were just a matter of the IRS demanding that my company mail them a Form W-8BEN, it would be easy enough. However, I recently learned that since the IRS requires a Form W-8BEN for our company, it now also requires a Form W-8BEN for all of our clients and subsidiaries. Not only do they require these additional forms for your own firm, they require these additional forms for all of those corporations, trusts and organizations that have clients. Why do we need these additional forms? Because in order to maintain tax compliance, our clients and subsidiaries must be compliant with the foreign-source requirements set forth in the United States Foreign Corrupt Practices Act. A corporation or trust (or the owners of a corporation or trust) engaged in activities in a foreign country that could adversely affect the public's foreign-source compliance would be prohibited from entering into certain transactions with the corporation or trust (or entity under its control) in the United States. Those transactions include transfers of assets from, to and from the organization to the entity under the entity's control. So who's at risk? Companies that hold more than 5% of a foreign corporation's outstanding shares of stock can be impacted if they do business in a foreign country. The foreign-source requirements also affect non-U.S.

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