The IRS uses these forms to determine from the information submitted whether the applicant plan qualifies under section 401(a) of the Internal Revenue Code for plan approval. The application is also used to determine if the related trust qualifies for tax exempt status under Code section 501(a).
US Code:
26 USC 414
Name of Law: Definitions and special rules
US Code:
26 USC 401
Name of Law: Qualified pension, profit-sharing, and stock bonus plans
US Code:
26 USC 501
Name of Law: Exemption from tax on corporations, certain trusts, etc.
PL: Pub.L. 111 - 147 Part 4 Name of Law: Hiring Incentives to Restore Employment Act (HIRE act)
In 2010, Congress passed the Hiring Incentives to Restore Employment Act of 2010, Pub. L. 111-147 (the HIRE Act), which added chapter 4 of Subtitle A (chapter 4) to the Code, consisting of sections 1471 through 1474 of the Code and commonly referred to as "FATCA" or "chapter 4." Under chapter 4, participating foreign financial institutions (FFIs) and certain registered-deemed compliant FFIs are generally required to identify their U.S. account holders, regardless of whether a payment subject to withholding is made to the account. In January 2013, final regulations were published that provide due diligence, withholding, and reporting rules for both U.S. withholding agents and FFIs under chapter 4.
Form W-8BEN, along with Form W-8ECI, W-8EXP, and W-8IMY, have been updated to reflect the documentation requirements of chapter 4. In particular, Form W-8BEN is now used exclusively by individuals. Entities documenting their foreign status, chapter 4 status, or making a claim of treaty benefits (if applicable) should use Form W-8BEN-E.
The overall affect on burden will result in no change in response and an estimated decrease of 18,276,831 burden hours per year.
$3,187
No
No
No
No
No
Uncollected
Vikki Vrooman 202 927-9868
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form W-8-BEN-E W-8-BEN-E - Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities)
ombat1.doc
W-8-BEN-E - Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities)