The new form reveals a foreign financial institution employment identification number (FFI-EIN) and a FATCA ID for participating FFIs and deemed-compliant FFIs. In order to protect taxpayer confidentiality, the IRS decided to issue entities the two different numbers to serve different roles.
The FFI-EIN will be used for filing purposes and the FATCA ID will be used for public verification purposes. A foreign tax identifying number will now also be required on Form W-8BEN.
In June we Blogged about the IRS' release of Draft of Form W-8BEN with FATCA Changes, which modified versions of draft Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding, for individuals and entities.
The draft Form, now divided into W-8BEN and W-8BEN-E, is a pre-release, but as expected, it indicates changes to come for foreign financial institutions and withholding agents which are now reflected in this newly released draft of Form W-8IMY.
If you have any questions regarding Form W-8BEN OR W-8IMY, contact the Tax Lawyers at Marini & Associates, P.A. for a FREE Tax Consultation at www.TaxAid.us or www.TaxLaw.ms or Toll Free at 888-8TaxAid (888 882-9243).
Read more at: Tax Times blog