Fort Lauderdale Florida online Form Instructions W-8BEN 2021-2025

Fort Lauderdale Florida online Form Instructions W-8BEN: What You Should Know

The U.S. Government on Tuesday, 14 August, 2017, issued the following U.S. Treasury Department regulations amending the tax laws to provide new penalties and increased reporting requirements related to foreign trusts. As of July 1, 2017, these changes take effect, imposing a new maximum annual rate of withholding tax on payments from foreign trusts. All United States and foreign individuals who make an election to be treated as nonresident aliens at the close of each calendar year are subject to special treatment. This special treatment will be available only when the donor is not considered a taxable foreign granter under Section 911 of the Internal Revenue Code. This special treatment provides that the gross amount of payments from a foreign trust to any United States donor does not include income or gains recognized by the taxpayer at the time of the election. The maximum annual underpayment of tax will increase from 0.9 percent to 2.0 percent. Further, the tax imposed on certain transactions for which the Secretary issued regulations (Form 8288) is increased from 1.5 percent to 2.5 percent. These tax increases also apply to amounts subject to the foreign trust exclusion on Form 8284 and forms 8289. The tax increases also impact foreign beneficiaries of foreign trusts. If, after these changes take effect, a U.S. donor is a beneficiary under a foreign trust and received a payment from the trust during the year covered by the election to be treated as a nonresident alien, then no tax would be imposed on the amounts subject to withholding under the applicable provisions of these regulations that are attributable to the specified year. These changes are effective for tax years beginning after December 31, 2017, and must be applied prospectively, with interest beginning on the day this effective date is made final by regulation. Certain amounts of nonresident alien income subject to the withholding regulations are not subject to U.S. withholding tax under Regulations 29 CFR. 2701 through 2724. The revised withholding regulations will also impact some types of payments to nonresident aliens under certain foreign trusts. For general information about the changes to the withholding tax, go to IRS.gov/Form4082. For current guidance on nonresident alien withholding, go to IRS.gov/WITA and click on “IRS Forms W-8BEN and W-8BEN-E.” In preparing this information for you, we recommend you consult with your personal tax advisor.

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