Its employee-owners perform the services of the corporation.Ī person is an employee-owner of a personal service corporation if both of the following apply:
Personal services include any activity performed in the fields of accounting, actuarial science, architecture, consulting, engineering, health (including veterinary services), law, and the performing arts. The period of time specified is what the IRS calls the “testing period,” which is generally the prior tax year.
Its principal activity during a certain period of time is performing personal services. The beneficial owner of income paid to a foreign estate is the estate itself.įor more information about Beneficial Owners, visit the IRS website: Ī corporation is a personal service corporation if it meets the following three requirements: The beneficial owner of income paid to a foreign complex trust (that is, a foreign trust that is not a foreign simple trust or foreign grantor trust) is the trust itself. The beneficial owners of a foreign grantor trust are the persons treated as the owners of the trust. The beneficial owners of income paid to a foreign simple trust are generally the beneficiaries of the trust, if the beneficiary is not a foreign partnership, foreign simple or grantor trust, nominee or other agent. The beneficial owners of income paid to a foreign partnership are generally the partners in the partnership, provided that the partner is not itself a partnership, foreign simple or grantor trust, nominee or other agent. In the case of amounts paid that do not constitute income, beneficial ownership is determined as if the payment were income.įoreign partnerships, foreign simple trusts, and foreign grantor trusts are not the beneficial owners of income paid to the partnership or trust. A person is not a beneficial owner of income, however, to the extent that the person is receiving the income as a nominee, agent, or custodian, or to the extent that the person is a conduit whose participation in a transaction is disregarded. tax principles to include the income in gross income on a tax return. The beneficial owner of income is generally the person who is required under U.S. Change of circumstances includes:Ĭhange of your legal name (for example, due to marriage or incorporation)Ĭhange of your address from one country to anotherĬhange of your business Tax Identification Number (TIN) from your Social Security Number (SSN) to an Employer Identification Number (EIN)įor U.S.
You are required to notify Amazon of any change to your tax identity information by retaking the tax information interview if the change could invalidate your W-9, W-8 or 8233 form. Use caution to avoid misspellings or entering incorrect Tax Identification Numbers, which can result in an invalidated tax form. In order to fulfill the IRS requirements as efficiently as possible, answer all questions and enter all information requested during the interview. The interview is designed to obtain the information required to complete an IRS W-9, W-8 or 8233 form to determine if your payments are subject to IRS Form 1099-MISC or 1042-S reporting.
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