On August 26, 2021, the IRS published a DRAFT Form W-8IMY (Rev. October 2021) that includes a number of changes and additions to the prior 2017 revision of the form. Most of the updates relate to the new rules under sections 1446(a) and 1446(f). Similar to the DRAFT Form W-8ECI we saw earlier this week, the DRAFT Form W-8IMY added a line for foreign taxpayer identification number (FTIN) as well. Most interesting to note is that the certifications under penalties of perjury for this form now include a reference to proceeds in addition to income.
Check out the form for yourself here https://www.irs.gov/pub/irs-dft/fw8imy–dft.pdf and see our matrix for an in-depth look at each of the many updates to Form W-8IMY.
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