New Form Used by Exempt Foreign Entities Reflects Changes Under FATCA

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The Internal Revenue Service has unveiled a draft version of a form used by foreign entities to declare they are not subject to U.S. tax that reflects changes under the Foreign Account Tax Compliance Act.
IRS posted late May 23 a draft of the Form W-8EXP, Certificate of Foreign Government or Other Foreign Organization for United States Tax Withholding and Reporting.
The form has now been revamped to reflect FATCA, according to Jonathan Jackel, senior counsel for Burt, Staples & Maner LLP. He said the form is used by entities such as foreign governments, exempt organizations, and private foundations.
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