{"id":1444,"date":"2014-04-17T05:18:56","date_gmt":"2014-04-17T05:18:56","guid":{"rendered":"http:\/\/www.doingbusinessacrossborders.com\/?p=1444"},"modified":"2014-04-17T05:18:56","modified_gmt":"2014-04-17T05:18:56","slug":"final-version-of-w8-ben-e-released-new-fatca-compliance-requirements-for-non-us-entities","status":"publish","type":"post","link":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/final-version-of-w8-ben-e-released-new-fatca-compliance-requirements-for-non-us-entities\/","title":{"rendered":"Final Version of W8-BEN-E Released: New FATCA Compliance Requirements for non-US Entities"},"content":{"rendered":"<p>On March 28, 2014, the IRS released the final version of the\u00a0<a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/fw8bene.pdf\">W-8BEN-E<\/a>. The W-8BEN-E is an important step in enforcing FATCA, and replaces the W-8BEN for non-US entities receiving payments from US payors. The purpose of the W-8BEN-E\u00a0for\u00a0non-US entities\u00a0to\u00a0certify their FATCA status. However, it is still the responsibility of the US payor to request the W-8BEN-E from the non-US entity.<\/p>\n<p>As mentioned above, the major difference between the W-8BEN-E and the W-8BEN is the addition of the FATCA status question in Part 1 of the new form. Currently, the questions lists 31 different FATCA statuses for a non-US entity to select from. Adding to the complexity, many of FATCA statuses are newly minted terms created specifically for FATCA. This includes\u00a0terms such as\u00a0\u00a0\u201cNon-Financial Foreign Entity\u201d or \u201cNFFE\u201d, which most people are unfamiliar with. Fortunately, after a non-US entity has determined its FATCA status for the first time, it will be able to complete all future W-8BEN-E requests using the same FATCA status, unless its circumstances change. Going forward,\u00a0non-US entities should familiarize themselves with the W-8BEN-E and anticipate that all US payors will request the W-8BEN-E instead of the W-8BEN.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On March 28, 2014, the IRS released the final version of the\u00a0W-8BEN-E. The W-8BEN-E is an important step in enforcing FATCA, and replaces the W-8BEN for non-US entities receiving payments from US payors. The purpose of the W-8BEN-E\u00a0for\u00a0non-US entities\u00a0to\u00a0certify their FATCA status. However, it is still the responsibility of the US payor to request the&hellip;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,12,11],"tags":[],"class_list":["post-1444","post","type-post","status-publish","format-standard","hentry","category-fatca","category-irs-news","category-us-tax-returns-for-non-residents"],"_links":{"self":[{"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/posts\/1444","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/comments?post=1444"}],"version-history":[{"count":0,"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/posts\/1444\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/media?parent=1444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/categories?post=1444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.flottco.com\/doingbusinessacrossborders\/wp-json\/wp\/v2\/tags?post=1444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}