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As companies continue to transfer employees to the U.S., one thing that relocating employees are missing is reporting their residency status to the financial institutions when they arrive in the U.S.
Without proper guidance, many employees incorrectly complete IRS Form W-8BEN when they should be completing IRS Form W-9. This form dictates to the financial institution whether it will issue a Form 1042-S or a resident Form 1099.
If the employee plans to be in the U.S. for greater than 6 months and they will meet substantial presence, it might be time for them to sign and send in Form W-9 to their financial institution.
