Tax operations will only have months to update their systems, train staff and establish processes for collection of the updated W-8 series forms to ensure they are implementing and being compliant with Tax Due Diligence, Tax Withholding, Exemption Certificate collection (where necessary) and then Reporting obligations under 1446(f).ģ Challenges For Tax Operations Following IRS W-8 Series Updates: How will these W-8 form updates Impact Tax Operations Teams? That is 31 updates and amendments in total to these 3 W-8 forms alone! Tax Operations, Which W-8 Forms Have Been Updated & How Many Amendments? Tax Operations will feel the heavy burden, even more so, if they don’t already have a vendor solution or automated process in place. Tax Operations will now need to act fast as they only have a small window to implement the number of expected process changes to several of the W-8 forms to ensure they are Operationally compliant and capturing what they have to. These W-8 forms updates have been highly anticipated by the industry based on feedback we have heard consistently the last 12 months, A lot of these updates, specifically on or around W8IMY are to map inline better with the 1042-s and also some of these form updates are capturing pending regulation updates, such as 1446(f) and Vendor Payments as an example. IRS Draft Updates for W8 Series Tax Forms in 2021Īs expected we have now seen the published draft Internal Revenue Service (IRS) release of the expected changes and updates to several of the W-8 Series tax forms, along with the updated guidance notes.
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