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Expired W8

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Question: 
When a W8 expires after the three years, are we required to obtain a new one?
Answer: 

Generally, a Form W-8BEN provided without a U.S. taxpayer identification number (TIN) will remain in effect for a period starting on the date the form is signed and ending on the last day of the third succeeding calendar year, unless a change in circumstances makes any information on the form incorrect.

Based on that language from the form's instructions, any W-8BEN is valid for four calendar years, including the year in which it is executed. In some circumstances it is valid for a longer period.

Your bank's obligation is limited to beginning backup withholding and information reporting if the form expires. You solicit a replacement as a courtesy to the customer, not because the law requires it.

First published on BankersOnline.com 2/14/11

First published on 02/14/2011

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