Revised Form W-9 Now Requires Reporting of Foreign Members
The IRS released a draft of a revised W-9 that will require pass-through entities to indicate if they have foreign members
The IRS has issued a draft of a revised Form W-9.
This form has a new check box to indicate that the entity has a foreign partner, owner or beneficiary. It is a check box on line 3b and is worded as follows:
“If on line 3a you checked “Partnership” or “Trust/estate,” or checked “LLC” and entered “P” as its tax classification, and you are providing this form to a partnership, trust, or estate in which you have an ownership interest, check this box if you have any foreign partners, owners, or beneficiaries. See instructions.”
You only need to check the box if your entity is a partnership, or an LLC taxed as a partnership or a trust. You will not check this box for most of our farm operations.
You are not required to update a previously issued W-9 and as of yet, the form is not yet final.