This is about as hot off the presses as it gets. Yesterday the IRS released finalized Forms W-8BEN and W-8ECI and their new instructions (see here and here).

Needless to say this is huge news as these are the first new Forms W-8BEN and W-8ECI since 2006! We have been waiting for this for nearly two years following a slew of draft form releases in 2012 and 2013. Of course these changes have been inspired by FACTA and we are waiting on the release of the brand new Forms W-8BEN-E and Form W-8ECI.

Later this spring look for an updated Non-Resident Alien Reporting and Compliance Supplement to next week's release of a brand new Form 1099 Compliance Guide.

The upcoming Non-Resident Alien Supplement will provide important analysis and tips for using these new forms - including a full breakdown of all the changes this will bring to your document collection and validation process.

In addition look for a new webinar, most likely this May, on the very important issues posed by these new forms and their instructions.