• Time for a Little Spring Cleaning: IRS Releases Final Version of Form W-8BEN-E for FATCA Compliance
  • April 2, 2014
  • Law Firm: Sutherland Asbill Brennan LLP - Washington Office
  • On March 28, the IRS released the final version of Form W-8BEN-E for use by entities to meet the reporting and withholding requirements under the Foreign Account Tax Compliance Act (FATCA). With FATCA’s initial compliance deadline of July 1, 2014, quickly approaching, the release of the final Form W-8BEN-E is a welcome event for those striving to meet the requirements of the new regime. Although the instructions to the new form are pending, the form nevertheless should be completed in accordance with the rules of the final and temporary FATCA regulations.

    Notably, the final Form W-8BEN-E includes 31 different categories for purposes of determining a beneficial owner’s status for FATCA purposes. In comparison, the draft Form W-8BEN-E released by the IRS on May 21, 2013, contained 28 categories. To a large extent, the differences between the prior draft Form W-8BEN-E and the final version of the form reflect the refinements that Treasury and the IRS made to the FATCA regulations earlier this year.