Resident Alien
Definition: A resident alien is treated as a United States person for US tax purposes and is a non-US person who meets either the green… Read More »Resident Alien
KB Recipient
Exempt Recipient
Definition: You are not required to file Form 1099-INT for payments made to certain payees including, but not limited to, a corporation, a tax-exempt organization,… Read More »Exempt Recipient
Due Diligence Standards for Payments to Each Payee
Definition: Due diligence standards refer to the process for reviewing or analyzing withholding certificates and other forms of documentary evidence to determine whether the information… Read More »Due Diligence Standards for Payments to Each Payee
US Person
Definition: For federal tax purposes, you are considered a U.S. person if you are: An individual who is a U.S. citizen or U.S. resident alien; A partnership, corporation,… Read More »US Person
U.S. Nonexempt Recipient
Definition: A US nonexempt recipient is a US person that is subject to Form 1099 reporting and backup withholding. This means that the US nonexempt recipient… Read More »U.S. Nonexempt Recipient
U.S. Branch of Foreign Bank or Insurance Company
Definition: A U.S. Branch of a Foreign Bank or Insurance Company is a branch located in the United States of a bank or insurance company… Read More »U.S. Branch of Foreign Bank or Insurance Company
Beneficial Owner
Definition: The beneficial owners of a simple trust are the beneficiaries of the simple trust. Withholding and Reporting: A U.S. simple trust is required to… Read More »Beneficial Owner
Substantial Presence Test
Definition: The substantial presence test is a way to calculate whether a person will be considered a US resident alien for US tax purposes. In… Read More »Substantial Presence Test