Sunday, October 18, 2009

W8 Taxform?

Posted on 9:52 PM by programlover









Ok so I recently signed up to a CPA network and they said that you couldn't be paid till you completed the W8 TaxForm. what exactly is it and would anyone be so kind to convert this to english:

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"Claim of Tax Treaty Benefits (if applicable)



I certify that (check all that apply):



The beneficial owner is a resident of [the country specified] within the meaning of the income tax treaty between the United States and that country.



If required, the U.S. taxpayer identification number is stated on line 6 (see instructions).



The beneficial owner is not an individual, derives the item (or items) of income for which the treaty benefits are claimed, and, if applicable, meets the requirements of the treaty provision dealing with limitation on benefits (see instructions).



The beneficial owner is not an individual, is claiming treaty benefits for dividends received from a foreign corporation or interest from a U.S. trade or business of a foreign corporation, and meets qualified resident status (see instructions).







Certification



Under penalties of perjury, I declare that I have examined the information on this form and to the best of my knowledge and belief it is true, correct, and complete. I further certify under penalties of perjury that:



1. I am the beneficial owner (or am authorized to sign for the beneficial owner) of all the income to which this form relates,



2. The beneficial owner is not a U.S. person,



3. The income to which this form relates is not effectively connected with the conduct of a trade or business in the United States or is effectively connected but is not subject to tax under an income tax treaty, and



4. For broker transactions or barter exchanges, the beneficial owner is an exempt foreign person as defined in the instructions.



Furthermore, I authorize this form to be provided to any withholding agent that has control, receipt, or custody of the income of which I am the beneficial owner or any withholding agent that can disburse or make payments of the income which I am the beneficial owner."

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Also I'm almost 18 but not yet 18 is there anything I should worry about. Will I face any consequences if they discover that I'm not really 18? Even if I'm not yet 18, If I stick to all the rules and do everything by the books should I run into any obstacles?

Thanks in Advance