Inexplicably completing forms SS-4 8832 are not at the forefront of people’s minds. Hear those words, and you may be looking for that drying paint. However, if you are a non-US resident company receiving income from the United States, then you need to Firstly pause Secondly, listen to episode 119 of my I Hate Numbers podcast Lastly, watch the drying paint later.

Your nonresident income is liable to have 30% held back if you don’t complete form W-8BEN-E.  Check out episode https://www.ihatenumbers.co.uk/?s=w-8ben-e (podcast episode 68) for the audio, and my You Tube video if you want to see what goes in the form. It doesn’t stop there.  If you are a business owner with just yourself as the only shareholder, then two more forms to add.  What are those forms I hear you ask.  Great question, Those forms are IRS forms https://www.irs.gov/forms-pubs/about-form-ss-4 (SS-4); and https://www.irs.gov/forms-pubs/about-form-8832 (8832)

The idea of https://www.ihatenumbers.co.uk/how-to-complete-forms-ss-4-and-8832/ (completing IRS Forms SS-4 and 8832) may make you feel like your head is going to explode. You're not alone! Completing these forms can be confusing, but it doesn't have to be. In this weeks episode, I'll walk you through the process step by step, and make it as simple as possible. Why we need forms W-BEN-E , SS-4 and 8832You can ignore these forms if you wish.  That’s not such a good idea Not completing and submitting form https://www.ihatenumbers.co.uk/how-to-complete-the-w-8ben-e-form/ (W-8BEN-E) means your US client can and will have to withhold up to 30% of your US income. That's 30&% OF financial pain.  Thanks, Uncle Sam! What about forms SS4 and 8832?  Well not all tax jurisdictions are created equally.  And the https://www.irs.gov/ (IRS) does not recognise single member companies as corporations. So, step forward those extra forms. ConclusionSo, there you have it. The process of reclassification for a single member shareholder company is made easier.  However, it is important to remember the two steps involved. Applying for an EIN and then form 8832.  Do you fancy seeing what the forms look like, and what goes into them?  Then check out my https://www.youtube.com/watch?v=H6wIpo5Sn1M (You Tube video) , even better https://www.youtube.com/c/IHateNumbers (subscribe) to the channel. Don’t forget to download, subscribe and please leave a comment – that helps me write I love getting https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 (feedback) from listeners – hearing from you helps me make my content even better. Thanks for tuning in! https://ihatenumbers.captivate.fm/listen (Subscribe) now so you don’t miss an episode.  For more business and finance, https://www.ihatenumbers.co.uk/news/ (news), advice and tips, don’t forget to subscribe and watch our weekly videos on https://www.youtube.com/channel/UCcOHECyZS28PELFUQPFjjmA (I Hate Numbers). Furthermore, my mission is to inform, inspire and educate you to get closer to your numbers.  You can make https://www.ihatenumbers.co.uk/make-money-in-your-business/ (more profits), https://www.ihatenumbers.co.uk/resources/sole-trader-versus-limited-company-tax-calculator/ (save tax) and time, improve your well-being and your money mindset.  My book, https://www.amazon.co.uk/HATE-NUMBERS-Learn-love-watch/dp/1913713873 (I Hate Numbers) will change your relationship with numbers, in a good way.  https://www.ihatenumbers.co.uk/i-hate-numbers-book/ (Click) to find our more. Help me to help you and others by subscribing and sharing this episode in your network.  https://ihatenumbers.captivate.fm/listen (Listen now) and subscribe to I Hate Numbers, so I can send it straight to your inbox every week with all the latest updates. If you found this podcast useful then share...