Before paying anyone, a paymaster collects a tax form from each beneficiary. The form tells the payer whether the beneficiary is a U.S. person and provides the information needed for any required reporting.
Which form
| You are | Form |
|---|---|
| A U.S. citizen or resident, or a U.S. company | Form W-9 |
| An individual who is not a U.S. person | Form W-8BEN |
| A company formed outside the United States | Form W-8BEN-E |
Download forms only from irs.gov. Some situations require a different W-8 form; the IRS instructions explain which.
Why it is needed
Payers may have to report certain payments to the IRS, and in some cases withhold tax. Banks also ask for tax status as part of their compliance checks. The form helps the firm determine its obligations.
Your own taxes
Each party is responsible for its own taxes on what it receives. The firm does not give tax advice in a paymaster engagement; please consult your own tax advisor.
How to submit
Complete the form, sign it and upload it in the secure client portal. Do not send it by ordinary email, because it contains your taxpayer identification number.