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Expat CPA discusses Form W-8IMY | new FATCA compliance documents

Expat CPA discusses IRS Form W-8IMY and FATCA compliance

Gary Bode, CPA: Expats could see the revised Form W-8IMY in 2013.

Expat CPAs are buzzing about the “new” IRS Form W-8IMY, Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding. Of course Form W-8IMY isn’t new, it’s just revised in 2012, for 2013, to facilitate FATCA compliance. Form W-8IMY is one of several 2013 tax exemption forms that include Form 8-ECI, Form 8EXP and Form-8BEN.

Generally you, the taxpayer, supply one of these forms to any institution that requests one. In the case of Form W-8IMY that would be a foreign intermediary, a foreign branch of a US bank or foreign flow through entity. In other words any institution that pays you money during the year. Otherwise that institution has to with hold 31% of the payment (this rate is for 2012 and 2013) for IRS taxes. Form W-8IMY prevents that, but the institution still sends a document to you and the IRS stating what income was paid during the tax year along with your identification information.

Should you provide Form W-8IMY?

Discuss that with your Expat CPA. Your marginal tax rate may be less than 31%, so allowing them to hold your 31% may result in a refund. Also, investors sometimes can use that 31% to make money in the interim. Finally many folks hate to pre-pay taxes.

I’m an expat CPA with a virtual office to serve my international and long distance clients. For a free phone consult call (910) 399-2705.

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