FATCA - Form W-9 for use by foreign financial institutions to document account holders 

September 3: The IRS posted final versions of Form W-9, Request for Taxpayer Identification Number and Certification (Rev. August 2013) and the related instructions.

The final version of Form W-9 [PDF 110 KB] and the final version of the instructions [PDF 157 KB] do not reflect significant changes since the May 2013 release of the draft instructions.

Exempt payee box

The final version of Form W-9 adopts the modifications made to the exempt payee box in a prior draft Form W-9 to accommodate the use of Form W-9 by foreign financial institutions documenting U.S. account holders under Code sections 1471-1474 (i.e., the statutory FATCA provisions).

Rather than merely checking a box to indicate a payee’s exempt status, the new Form W-9 requires an exempt payee to provide a code designating the category of exemption for which it qualifies and whether it is exempt from domestic (i.e., Form 1099) reporting and / or FATCA (Form 8966) reporting.

For more information, contact a KPMG tax professional:

Melinda Schmidt

(302) 827-4985

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