This week on FATCA In Your Pocket, we take a look at the Form W-8IMY. This form was revised at the end of April and has more than doubled in size and complexity. But never fear, Ross is here and his message is “DON’T PANIC!”

 

The Form W-8IMY is used by foreign intermediaries and foreign flow-through entities, as well as certain U.S. branches to:

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• Represent that a foreign person is a qualified intermediary or nonqualified intermediary,
  
• Represent that a qualified intermediary agrees to assume primary NRA withholding responsibility and/or primary Form 1099 reporting and backup withholding responsibility,
  
• Represent that a foreign flow-through entity is a withholding or nonwithholding foreign partnership, or a withholding or nonwithholding foreign trust, or
  
• Represent that the provider is a U.S. branch of a foreign bank or insurance company and either it has agreed with the withholding agent to be treated as a U.S. person (and will therefore do its own 1042-S reporting), or is transmitting documentation of the persons on whose behalf it is acting.
  

 

Download Form W-8IMY from the IRS website here: Form W-8IMY.

The post FATCA In Your Pocket: Don’t Panic! The W-8IMY is out! appeared first on Withholding Tax Training Portal.