Hey YouTube! I just got this question: how to file a W8 for a foreign-owned single-member LLC. And, I want to go over the answer, so let's talk. 2. In the beginning, I have another video about the W8B and -E, so if a US company is planning to pay a foreign person with withholdable payment (such as interest, dividends, royalties, etc.) under the FATCA regime, they are required to get a W8 from the person they're paying to confirm their foreign status and determine if taxes need to be withheld. 3. I see a lot of my clients receiving requests to submit these forms, even though the payments aren't subject to withholding. This is fine for clients getting paid by US companies who do not have any withholding, but for clients who have single-member LLCs owned by foreigners, it can be a little tricky. 4. The answer is the W8BEN. Let's take this off fullscreen and go to the back. I am using the IRS website and other sources for more details, but this is just the instructions. 5. The form W8BEN establishes foreign status for chapter 3 tax purposes. Foreign persons are subject to a 30 percent tax rate on certain items. If you're getting paid by a US company, it's important to fill out the form correctly, especially if there's a tax treaty that may apply. 6. The owner of a disregarded entity, including an individual, must submit the appropriate form W8BEN for purposes of Section 1446. If you receive certain types of income, you need to provide this form to anyone who asks. Otherwise, they won't pay you. 7. You must also certify whether or not you are a US person and whether you are a foreign financial entity. The form must be given to the...
Award-winning PDF software
Video instructions and help with filling out and completing Form 3520 Guidelines
