On February 15, 2022, the Internal Revenue Service (IRS) finally released a DRAFT Publication 515, Withholding of Tax on Nonresident Aliens and Entities, for use in 2022.
This long-awaited publication includes a number of updates including:
Changes to Form 1042-S. New Income Codes to address section 871(m) transactions and section 1446(f) rules, as well as the new limitation on benefits (LOB) code 12 to report that there is no LOB article in the applicable tax treaty.
Changes to Forms W-8BEN, W-8BEN-E, W-8ECI, W-8IMY based on the provisions in the final regulations under section 1446(f). There is a note that certain other forms may be revised in 2022. Stay tuned!
Changes to Forms 8288 and 8288-A, also based on the provisions in the final regulations under section 1446(f).
New form for reporting under section 1446(f)(4) is under development!
Check out the DRAFT Pub. 515 here:
Click the link below to read through our prior post that covers all changes to the 2022 Form 1042-S:
Also, with the new Oct. 2021 revisions to take effect soon, watch these helpful videos to familiarize yourself with the updates to the Forms W-8BEN, W-8BEN-E, W-8ECI and W-8IMY: