IRS Releases Revised Form W-9 in Preparation for FATCA

August 29, 2013

In August 2013, the IRS released a revised IRS Form W-9 (Revised August 2013), which includes one new exemption field, one expanded exemption field, an amended certification and updated instructions. Form W-9, the Request for Taxpayer Identification Number and Certification form, is one of several forms being revised to conform to the provisions of the Foreign Account Tax Compliance Act (FATCA). The official version of the form, including the updated instructions, is available on the IRS website at irs.gov .

Below is a summary of the changes made to the August 2013 version of Form W-9. For additional details, please refer to the "Specific Instructions" that begin on the second page of the revised form.

New Exemption Codes

    • Exempt payee code (if any)—Payees that are entities which qualify as exempt from backup withholding should now provide a code identifying the category of exemption. A list of available codes is included in the form instructions. Previously, a checkbox was used to indicate exempt status but no code was required. Please note that the international organization and foreign central bank of issue exemptions included in the December 2011 instructions have been removed from the August 2013 version
    • Exemption from FATCA reporting code (if any)—Form W-9 now permits a payee to indicate if exemption from FATCA reporting applies. Payees should now provide a specific FATCA exemption code, also explained in the instructions, if they qualify to be treated as exempt and their accounts are maintained outside of the U.S.

Certification

The certification section has been modified to include this statement, requiring payees to certify that their FATCA exemption code is correct:

    • The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct. For additional information, please visit the IRS website at irs.gov.

1Please note that FATCA regulations presume that undocumented U.S. entities are foreign and, as a result, Non-Participating Foreign Financial Institutions (NPFFIs). Though the Treasury and IRS may change this presumption, this has not yet occurred.