- IRS U.S. Tax forms may be downloaded from www.irs.gov
- Affidavit of Unchanged Status
- FATCA – Useful information to assist completion of W-8 and W-9 tax forms
The Foreign Account Tax Compliance Act (FATCA) is a U.S. law designed primarily to identify, and disclose the identity of, specified U.S. persons—both individuals and entities—who hold financial assets and accounts outside of the U.S. through foreign financial institutions, nonfinancial entities or other investment structures. Since the income from such assets may be subject to U.S. taxation, FATCA generally requires foreign financial institutions and other entities to identify and subsequently report the accounts of specified U.S. persons.
Intergovernmental agreements (IGAs) between the U.S. and many foreign jurisdictions facilitate the exchange of this information, and address local bank secrecy and privacy issues that may exist. Failure to comply with FATCA can lead to the implementation of a 30% withholding tax on payments made to noncompliant parties.
When opening a new account, J.P. Morgan may request additional information and documentation from clients to determine the account holder’s FATCA status, and for purposes of identifying specified U.S. persons that may have an ownership interest in the account.
J.P. Morgan is also reviewing all existing client account records to ensure that they are properly documented for FATCA purposes. In some cases this may require J.P. Morgan to request additional tax documentation from clients.
Useful information to assist completion of W-8 and W-9 tax forms
The purpose of this document is to provide a checklist of some of the IRS’s basic requirements for completing IRS tax forms (Forms W-8 and W-9) and reduce on-boarding delays. This document does not constitute tax advice, and clients should consult with their own tax advisors to identify and complete the appropriate tax form.
Form type | Intended uses for the form |
W-9 | An entity or individual that is resident in the US for tax purposes. |
W-8BEN | An individual who is not tax resident in the US and is the beneficial owner of income. Not relevant for entities. |
W-8BEN-E | An entity that is not resident within the US for tax purposes and is the beneficial owner of income. |
W-8IMY | An entity acting as an Intermediary or flow-through. |
W-8EXP | A foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization, foreign private foundation, or government of a US possession. |
W-8ECI | An entity that receives income effectively connected with the conduct of a trade or business in the United States. |
Checklist for all forms (mandatory information):
Additional checklist for all Forms W-8: