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Video instructions and help with filling out and completing Form 4598E
Hello YouTube Jim Bakker here from Montebourg of tax consultants I had to prepare w8 bene for a client and realize that there's nothing good on YouTube about this form so here I am making this video today explaining the purpose and how to complete the form so if you take a step back generally background the w8 bene you see is certificate of status of beneficial owner of united state tax withholding and reporting so this form is going to be necessary when you have a u.s. entity who is making reportable payments to a foreign or non-us entity so reportable payments are and if we go to the instructions here we're talking dividends rents royalties premiums annuities compensation like a salary or substitute payments for was si and securities lending or other fixed determinable annual or periodic payments so if you are if you have a foreign entity that's receiving any kind of these payments from a u.s. entity the US entity is by default required to withhold 30 percent of that payment and remit that payment to the to the IRS let's go back here put me back on the screen so this form the purpose of this form is to show the US company that you are not subject to the full 30 percent withholding and to certify that you're it's just to certify your status the benefit the status of the beneficial owner so I'm gonna go through how like very basic way to complete this form and because there's a lot of options here but most most companies the majority of company is gonna complete it the same way so let's say that you have a nineties Columbus use a treaty so Columbia is in that treaty country but let's go to the de Mexico so let's say you have a a foreign company mexic Mexico company in Mexico and it's receiving foreign payment just Maxon corporation receiving royalties from a US company for software licensing out suicidal Mexico chapter three status just an entity type it's pretty simple it's going to be a corporation or if it's a pass-through a discarded entity or partnership but most are going to be corporations and in this example it's a Mexican corporation fine and then the chapter four status is a little more complicated it goes through all these different options so FFI is a foreign financial institution so this is all about doing stuff with banks and then so down here this box active non-financial non foreign non-financial foreign entities so it's yes I'm going to double check non-financial foreign entities so just a regular active non-bank foreign corporation this is gonna be most of these companies if you have a bank or a non-profit or something wacky you should you should find an account that can help you out with this so you don't have to have your payments if you're getting a million dollars you don't want to receive 700,000 instead of.