Nuts and Bolts: International Artists – New W-8BEN Form
May 27, 2016
Nuts & Bolts – International Artists – NEW W-8BEN Form
The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, became effective on July 1, 2014. Because of the FATCA, the Form W-8BEN that you previously completed in order for GCU to process your artist payments will no longer be valid. As FATCA now requires GCU to report your birth date and/or your foreign tax identification number on your annual Form 1042-S, we have to ask all foreign artists to complete the new Form W-8BEN that was revised in 2014 to collect this additional information. The form is essentially the same as the one that you provided to GCU previously except that it asks for additional personal information in Part 1 in order to meet the new reporting requirements for Form 1042-S. This becomes effective in 2017, but GCU wants to start collecting the information now so that we are prepared to file the Form 1042’s next year and artists will not experience delays in receiving payments.
Download the W-8BEN Form here X.