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Velocity Clearing LLC
IRS Tax Forms
Complete your tax documentation securely. Select the appropriate form below. All submissions are encrypted and reviewed by our compliance team.
W-9 — US Persons
Form W-9
Request for Taxpayer Identification Number and Certification. For US citizens, residents, and domestic entities.
W-8BEN — Foreign Individuals
Form W-8BEN
Certificate of Foreign Status of Beneficial Owner for US Tax Withholding. For individuals only.
W-8BEN-E — Foreign Entities
Form W-8BEN-E
Certificate of Status of Beneficial Owner for US Tax Withholding and Reporting. For entities and organizations.
W-8ECI — Connected Income
Form W-8ECI
Certificate of Foreign Person's Claim That Income Is Effectively Connected With US Trade or Business.
W-8IMY — Intermediaries
Form W-8IMY
Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain US Branches for US Tax Withholding.
These forms are for informational and documentation purposes only. They are not submitted directly to the IRS. Velocity Clearing LLC will review and process all submissions in accordance with applicable withholding regulations. For questions contact your account manager.
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WORM audit log -- entries are write-once and cannot be modified or deleted. All times are UTC.
The Foreign Account Tax Compliance Act (FATCA) requires certain U.S. taxpayers holding financial assets outside the U.S. to report those assets to the IRS (Form 8938) and requires foreign financial institutions (FFIs) to report information about financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest. Non-compliant FFIs and non-financial foreign entities (NFFEs) that fail to identify U.S. accounts are subject to a 30% withholding tax on certain U.S.-source withholdable payments. Velocity Clearing LLC acts as a withholding agent and must collect valid W-8 documentation to establish Chapter 4 / FATCA status for all foreign payees before making payments.
FFI Classifications & Withholding Obligations
Participating FFI (PFFI)
Has entered an FFI agreement with IRS. Has a GIIN. Must perform due diligence, withholding, and reporting on U.S. accounts. Required to submit both COPA and periodic certifications. Reporting Financial Institution under a Model 2 IGA is equivalent.
Reporting Model 1 FFI
Reports U.S. accounts to its home-country government under a Model 1 IGA; home country shares data with IRS. Has a GIIN. Generally no COPA or periodic certification required (except for branches operating outside Model 1 jurisdictions).
Registered Deemed-Compliant FFI (RDCFFI)
Registered on IRS FATCA portal and meets conditions for deemed-compliant status (e.g., Local FFI, Non-Reporting Member of PFFI Group, Qualified CIV, Qualified Credit Card Issuer, Restricted Fund). Has a GIIN. Certification requirements vary by subtype.
Certified Deemed-Compliant FFI
Meets conditions for deemed-compliant status that do NOT require IRS registration. No GIIN. Examples: nonregistering local bank, FFI with only low-value accounts, sponsored closely held investment vehicle, limited life debt investment entity, owner-documented FFI (ODF).
Nonparticipating FFI (NPFFI)
Has NOT entered an FFI agreement and does not qualify as deemed-compliant or exempt. Subject to 30% Chapter 4 withholding on all withholdable payments. Limited FFIs (members of EAG that cannot comply in certain jurisdictions) are also treated as NPFFIs and will not receive a GIIN.
Owner-Documented FFI (ODF)
An FFI that agrees to provide a withholding agent with full documentation identifying each substantial U.S. owner. The withholding agent (not the FFI) performs due diligence and reporting. ODF must provide W-8BEN-E + owner documentation package. No GIIN.
Territory Financial Institution
An FFI organized under U.S. territory laws that is not treated as a U.S. person. Treated similarly to a U.S. financial institution under the regulations. Reports on U.S. accounts under territory law. Has a GIIN.
U.S. Financial Institution (USFI)
Financial institution organized or incorporated in the U.S. (including any U.S. branch of a foreign bank). Treated as U.S. person. Not subject to FATCA withholding. No COPA or periodic certification required. Must register if it is a Lead FI for EAG members.
Not subject to FATCA withholding. Includes: publicly traded corporations and affiliates, active NFFEs (less than 50% passive income + passive assets), foreign governments and their controlled entities, international organizations, foreign central banks of issue, territory NFFEs.
Active NFFE
Less than 50% of gross income is passive AND less than 50% of assets produce or are held for production of passive income (tested on prior-year basis). No U.S. owners need to be disclosed. Exempt from Chapter 4 withholding. Must certify status on W-8BEN-E Part XXVI.
Passive NFFE
Any NFFE that is NOT excepted. Must disclose the name, address, and TIN of each substantial U.S. owner (more than 10% ownership) on W-8BEN-E Part XXVII, or certify no substantial U.S. owners exist. Subject to 30% Chapter 4 withholding if it fails to document status.
Direct Reporting NFFE
A passive NFFE that elects to report its substantial U.S. owners directly to the IRS (Form 8966) rather than via its withholding agent. Has a GIIN. Periodic certification required. Sponsoring entity may report on its behalf.
Exempt Beneficial Owners (No Registration or Withholding Required)
Foreign Central Banks of Issue (Treas. Reg. 1.1471-6(d)) -- Exempt from FATCA registration and withholding, EXCEPT on payments from commercial activity per 1.1471-6(h).
Foreign Governments & Controlled Entities (Treas. Reg. 1.1471-6(b)) -- Departments, agencies, or wholly-owned instrumentalities of a foreign sovereign government. Exempt from withholding if payment is not from commercial activity.
International Organizations (Treas. Reg. 1.1471-6(c)) -- Entities that have been designated as international organizations under Executive Order 9698, e.g., the IMF, World Bank, OECD. Fully exempt.
Foreign Pension Funds & Retirement Funds (Treas. Reg. 1.1471-6(f)) -- Established to provide retirement benefits; exempt if they meet IGA or regulatory requirements. Withholding agent must be able to reliably associate payment with documentation.
Investment Entities Wholly Owned by Exempt Beneficial Owners (Treas. Reg. 1.1471-6(i)) -- An FFI that is wholly owned by one or more exempt beneficial owners. Eligible for exempt beneficial owner status. Must document status to withholding agent.
IGA Equivalent Classes -- Entities treated as exempt beneficial owners under an applicable Model 1 or Model 2 IGA. Review the applicable IGA to identify additional exempt classes for the recipient's jurisdiction.
Branches, GIINs & Disregarded Entities
Branch Registration Rules
Branches generally must register as a branch of their owner, not as a separate entity.
Exception: A disregarded entity (DE) in a Model 1 IGA jurisdiction registers separately to be treated as a Reporting Model 1 FFI.
All branches of an FI in the same jurisdiction share a single GIIN.
U.S. branches and limited branches are NOT eligible for their own GIINs.
A branch in the FFI's home country uses the FFI's own GIIN.
GIIN Verification for Withholding Agents
Verify GIINs on the IRS FFI List (updated monthly): FFI List Tool
To find a branch: search "[FI Name] – branch" (space-dash-space format required).
A withholding agent may rely on a W-8 with an incorrect (but good-faith) GIIN through end of calendar year of discovery.
Two types of certifications exist: COPA (Certification Regarding Preexisting Accounts) and Periodic (ongoing compliance). Submitted online via the FATCA registration portal by the entity's Responsible Officer (RO). A certification cannot be edited after submission -- submit a corrected certification before the deadline.
Entity Classification
COPA
Periodic
Participating FFI / Reporting FI under Model 2 IGA
Yes
Yes
Registered Deemed-Compliant FFI -- Local FFI
Yes
Yes
RDCFFI -- Non-Reporting Member of PFFI Group
No
Yes
RDCFFI -- Qualified Collective Investment Vehicle
No
Yes
RDCFFI -- Qualified Credit Card Issuer or Servicer
No
Yes
RDCFFI -- Restricted Fund
Yes
Yes
Reporting FI under Model 1 IGA
No*
No*
Direct Reporting NFFE
No
Yes
Sponsoring Entity of Sponsored FFIs
Yes
Yes
Sponsoring Entity of Sponsored Direct Reporting NFFEs only
No
Yes
Trustee of a Trustee-Documented Trust
No
Yes**
U.S. Financial Institution
No
No
* Except on behalf of branches operating outside of Model 1 jurisdictions (other than related branches). ** Only when subject to a Model 2 IGA.
Expanded Affiliated Groups (EAG)
An EAG is a group of entities connected by greater-than-50% ownership (by vote or value), including at least one U.S. entity or FFI.
A Lead FI initiates and manages FATCA registration for Member FIs in the group. An EAG may have more than one Lead FI.
A Lead FI cannot have Limited FFI status in its country of residence.
Member FIs cannot register or obtain a GIIN until their Lead FI has registered.
A Limited FFI is an EAG member that cannot comply with FATCA in a particular jurisdiction due to local law restrictions. It is treated as a Nonparticipating FFI and will NOT receive a GIIN but must still register.
EAGs may organize into subgroups; a Compliance FI may certify on behalf of an electing group of FFIs (consolidated compliance program).
Compliance FIs may have one of three classifications: Participating FFI, Reporting Model 1 FFI, or USFI.
Must collect valid W-8 series forms before making withholdable payments to foreign persons. W-8BEN (individuals), W-8BEN-E (entities), W-8ECI (effectively connected income), W-8IMY (intermediaries & flow-throughs). Forms generally valid for 3 years from date of signature.
GIIN Verification
Must verify GIINs claimed on W-8BEN-E against the IRS monthly FFI list within 90 days of receipt. A withholding agent may rely on an incorrect GIIN in good faith through end of the calendar year in which the error is discovered.
Withholding (Chapter 4)
Default: 30% on withholdable payments to Nonparticipating FFIs and Passive NFFEs that fail to document status. Withholdable payments include U.S.-source FDAP income (dividends, interest, royalties, rents, compensation) and gross proceeds from sale of U.S. securities (when applicable).
Reporting (Form 1042-S & 1042)
Must file Form 1042 (annual withholding tax return) and Form 1042-S (per-recipient income & withholding statement). 1042-S due: March 15 (paper) or same date via IRIS. Recipient copy also due March 15. Extended to Sept. 15 if automatic extension requested on Form 7004.
Deposit Deadlines
Deposit withheld taxes via EFTPS. Monthly depositors: 15th of following month. Quarterly depositors: April 15, June 17, Sept. 16, Dec. 15 (or next business day). Semi-weekly rules apply when quarterly liability exceeds $2,000.
IRIS Filing (FIRE Replacement)
IRIS (Information Returns Intake System) replaces the legacy FIRE system for e-filing Form 1042-S. Tax year 2025 is the last year FIRE is available. TY 2026 forms (due March 15, 2027) must be filed via IRIS. API uses XML A2A format per IRS Pub. 5718. Portal: iris.irs.gov