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New Draft Form W-8EXP

The IRS released the draft version of Form W-8EXP in June 2023, with a revision date of October 2023. This underscores the need for organizations to proactively plan for changes, including collecting and validating the new form.

The updated form includes updates related to the Foreign Investment in Real Property Tax Act (FIRPTA) withholding, as outlined in Section 1445 of the Internal Revenue Code.

New Draft Form W-8EXP

Specifically, notable changes include the addition of new sections and revisions made to the Certification section of the form.

However, it’s essential to highlight that while the IRS has released the draft version of Form W-8EXP, it has not yet made accompanying instructions available as of the time of this writing. This lack of detailed guidance underscores the need for organizations to stay vigilant and informed, as they anticipate further updates and clarifications from the IRS.

To view the draft form W-8EXP, use the link below: 

https://www.irs.gov/pub/irs-dft/fw8exp–dft.pdf

Follow Comply Exchange for regular industry updates and visit our website at www.complyexchange.com to explore the ways we can support your business! Such as form collection to validation and more!

This document contains general information only and is not a substitute for accounting, tax, or any other professional advice or services. The information provided is considered accurate at the time of publishing and will not be updated with new regulation requirements.

Comply Connect May 2024 – Issue 11

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