FREQUENTLY ASKED QUESTIONS

Why do I need to submit an IRS Form W-8 or W-9 to Wachovia?
What does Wachovia use W-8 and W-9 forms for?
Can I send a copy or a fax of an IRS Form W-8 or W-9?
I submitted a W-8 form, why is Wachovia requesting additional documentation?
Does the IRS Forms W-8 or W-9 expire?
What is Wachovia’s Due Diligence process for obtaining expiring IRS form W-8?
Does one IRS Form cover multiple accounts?

Question: Why do I need to submit an IRS Form W-8 or W-9 to Wachovia?

Answer: The IRS requires all U.S. withholding agents (Wachovia) to obtain these tax forms for all of their clients.  If Wachovia does not have the proper tax forms, then it must withhold at the maximum rate on payments made to all accounts.

Question: What does Wachovia use W-8 and W-9 forms for?

Answer: These tax forms are used to identify your tax status and permanent residency.  The IRS form W-9 certifies your taxpayer identification number and U.S. residency.  The IRS form W-8 establishes your foreign residency and treaty rate if applicable.

Question: Can I send a copy or a fax of an IRS Form W-8 or W-9?

Answer: All IRS form W-8s must be the original form.  No faxes are acceptable.  The IRS Form W-9 may be faxed to Wachovia

Question: I submitted a W-8 form. Why is Wachovia requesting additional documentation?

Answer: As part of Wachovia’s Due Diligence requirements, we are required to verify the completeness and accuracy of the W-8 form.  If we have requested additional documentation, then we need to confirm who you are and your country of residency to apply the correct treaty benefits (if applicable).  The additional documentation (Articles of Incorporation, Passport, etc.) will meet this requirement.

Question: Do the IRS Forms W-8 or W-9 expire?

Answer: Generally, the IRS form W-8 is valid for the year it is signed plus three additional calendar years unless the information on the form changes during the three-year period.  The IRS formW-9 is valid indefinitely or until the information on the form changes. 

Question: What is Wachovia’s Due Diligence process for obtaining an expiring IRS form W-8?

Answer: Before the end of the third calendar year of the W-8 form expiring, Wachovia will send the non-U.S. clients a solicitation letter requesting that they complete and return to Wachovia a new W-8 Form The form  must be completed and received by Wachovia before the end of the third calendar year.  This will allow Wachovia to not withhold for not having a current IRS Form W-8 at the beginning of the new calendar year.

Question: Does one IRS Form cover multiple accounts?

Answer: Yes, either the W-8 or W-9 can be used to meet the requirements for multiple accounts.  This will be based on the legal name on the form provided.
 

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