![]() Drafts of instructions and publications usually have some changes before their final release. However, unexpected issues may occasionally arise, and therefore a new versions may be released. The IRS further advise that they typically do not release draft forms until they are satisfied that they have incorporated all changes expected. The draft forms have been released for information purposes only and should not be relied upon at this time. However, the IRS specifically advise that the forms are in fact an early release draft version. In both cases, the forms have an October 2021 version date. The next day they released a draft Form W-8IMY and instructions on Thursday 26th August. The IRS then released a draft Form W-8ECI and instructions on Wednesday 25th August. The Notice provides that the IRS will defer the applicability date to Janufor the following: (i) withholding under section 1446(f) on transfers of interests in publicly traded partnerships (“PTP interests”) (ii) withholding under section 1446(a) on distributions made with respect to PTP interests and (iii) withholding under section 1446(f)(4) by partnerships on distributions to transferee. On Tuesday 24th August, the IRS just released Notice 2021- 51 which provides an extension and transition relief with respect to certain regulations under sections 1446(a) and 1446(f). It's been a busy week for the IRS with respect to Information Reporting & Withholding. ![]()
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