Get in Good Form! IRS Updates Forms and Instructions in W-8 Series

The IRS recently released new final versions of forms and instructions in the Form W-8 series, including W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals);  Form W-8BEN-E, Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities);  and Form W-8ECI, Certificate of Foreign Person’s Claim That Income Is Effectively Connected with the Conduct of a Trade or Business in the United States. The forms have a revision date of October 2021, but the IRS is accepting the prior versions through April 2022. If you are in the tax department of an organization that makes U.S. source payments to non-US persons or entities, you should review your processes to account for any new or different information in the revised forms.

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Practical Guidance Updates 

Featuring the latest updates from your Practical Guidance account.    

• Tax Key Legal Developments Tracker (Federal)
• Stay informed on new developments: 
  • Individual Income Tax.  IRS addresses the federal income tax treatment and information reporting requirements for payments made to or on behalf of financially distressed individual homeowners by certain entities with funds allocated from the Homeowner Assistance Fund, which was established under section 3206 of the American Rescue Plan Act of 2021, Pub. L. No. 117–2 (Mar. 11, 2021), in response to the coronavirus disease (COVID-19) pandemic. Proc. 2021–47 (Nov. 8, 2021).
  • Compensation and Benefits.  IRS updates 401(k) plan and other retirement and health plan limits that will apply for 2022 that are adjusted for cost-of-living increases, the limit for 401(k) elective deferrals rising to $20,500 ($27,000 for taxpayers age 50 or older by Dec. 31, 2022, the $6,500 catch-up limit not rising). I.R.S. Notice 2021-61. For a chart of the plan limits for 2022 and prior years, see Cost of Living Adjustments Chart for Employee Benefit Plans.
  • Practice and Procedure. IRS updates the process for frequently asked questions on new tax legislation and addresses reliance concerns. IR-2021-202 (Oct. 15, 2021).
• Document alerts allow you to stay current on legal developments that affect your practice. Find out how to set up your document alerts.
• Check out the new Practical Guidance Author Center! Learn about the 1500+ leading attorney authors contributing to our 20 practice areas, and find out how you can Become a Practical Guidance Author.

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