Tax & Accounting Blog

Understanding the Difference between Documented and Undocumented

It is important to keep in mind that, as a general rule, all US source payments made to non-US residents are subject to 30% withholding. To apply a reduced (or zero) rate of withholding, the non-US person must provide valid documentation. If your securities account is with a Withholding Agent (a Qualified Intermediary, Non-Qualified Intermediary … Read More

Common W-8BEN Validation Issues

W-8BEN forms are notorious for being difficult to complete. Here are some of the most common errors found on the Form W-8BEN that, if present, may deem that client to be undocumented. Cross reference your documentation against these common errors to ensure documentation compliance. Name Mis-Match The name on line 1 of the W-8BEN needs … Read More


What Is the Difference between a Qualified Intermediary and Non-Qualified Intermediary?

Although the Qualified Intermediary (QI) regime has been around for quite some time, simple questions surrounding the terminology and structure still remain quite common.¬†For example, what is an Intermediary, a Qualified Intermediary, and a Non-Qualified Intermediary? An Intermediary is any person or organisation holding securities other than for its own account. A Qualified Intermediary¬†is a … Read More

New Versions of Forms W-8 Are Being Planned

New Versions of Forms W-8 Are Being Planned

The IRS is working on changes to the Forms W-8 you use for documentation that a payee is a foreign person, and documentation that a foreign beneficial owner of income is entitled to a reduced rate of tax withholding. The need for new Forms W-8 comes from FATCA, the Foreign Account Tax Compliance Act, most … Read More

Join Us at the 2011 Tax Information Reporting Forum

Join Us at the 2011 Tax Information Reporting Forum

Information Reporting (1099) is becoming more complicated and the risks relating to non-compliance or inaccurate reporting are high. These recent changes to FATCA, 1099 reporting, 1042 and 1042-S, foreign reporting and cost-basis reporting will affect your business, whether it’s a corporation, a bank, trust department, or wealth management firm. Join us for a two-day, in-depth … Read More