Once you have completed filling out Form Instructions W-8BEN, there are a few steps you should take to ensure it is processed correctly and in a timely manner. Here's what you should do with the form:
1. Review your answers: Before proceeding, double-check all the information you provided on Form W-8BEN to ensure accuracy and completeness. Any errors or omissions can cause delays or even rejection of the form.
2. Keep a copy for your records: It is crucial to retain a copy of the completed Form W-8BEN for your personal records. This way, you have proof of the information you submitted and can reference it if needed in the future.
3. Submit as required: Depending on the specific instructions you received, you may need to submit your completed Form W-8BEN to different parties. It could be your employer, the payer of your income, or a financial institution. Follow their instructions to ensure proper submission.
4. Communicate with the recipient: If you are submitting the form to an employer or income payer, it is advisable to inform them that you have completed Form W-8BEN and provide them with the necessary document. This will ensure they are aware of your tax status and can process your income correctly.
5. Update if necessary: If any of the information provided on Form W-8BEN changes, such as your name, address, or tax identification number, make sure to update the form accordingly. Submit the revised form to the appropriate party and keep a copy for your records.
6. Consult a tax professional: If you have any uncertainties or questions regarding the completion of Form W-8BEN or the tax implications associated with it, it may be wise to seek advice from a tax professional or an accountant. They can provide you with personalized guidance based on your specific situation.
Remember, proper completion and submission of Form W-8BEN are important to ensure compliance with tax regulations and to avoid any unnecessary complications. It is always recommended to consult with a tax professional or refer to official IRS publications for specific and updated guidance on filling out the form and related processes.