Change in W8-BEN form procedures
Posted: Sat Mar 10, 2018 9:22 am
After some research, I'm pleased to announce that we won't need to file the W8-BEN and W8-BEN-E forms with the IRS, as the website currently indicates. Instead, it turns out that, in order to comply with the law, we only need to collect the data and retain it, rather than file it with anyone.
Therefore, I'll be changing the policy on the documentation page. The new policy, which is also clearer as to exactly how the data is being handled, will provide the following process for W8-BEN and W8-BEN-E forms:
Therefore, I'll be changing the policy on the documentation page. The new policy, which is also clearer as to exactly how the data is being handled, will provide the following process for W8-BEN and W8-BEN-E forms:
- Within 24 hours after submission, the forms are moved offline so they are unhackable.
- Within the next month, they will be checked for validity using a very basic process: all the fields must be filled out, they must be signed, the data must be reasonable (ex: the name of the city must be real), and the person must not have stated anywhere on the Internet that (s)he is lying. Otherwise, no identity documents need to be verified. Forms that fail to meet the criteria above will be requested again.
- Valid forms will be permanently moved to three duplicate SD cards that will never be used by us or looked at by us again. The cards will never be inserted into an online computer again except if we are required to produce it in court.
- After the statute of limitations expires, the SD cards, including the backups, will be permanently destroyed without the data being read again.