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The Cross-Border Advisor Series · Book 3 · To be published in mid‑January 2027

Withholding on Payments to Foreign Persons

A Guide for Custodians and Other Withholding Agents

A guide for the institutions that pay U.S.-source income to foreign persons and are liable for the tax: custodians, banks, brokers, paying agents and fiduciaries. The book treats the withholding system of chapters 3 and 4 of the Internal Revenue Code from the classification of the payment to the documentation file and the treaty claim, the particular payments, the annual reporting on Forms 1042 and 1042-S, the liability of the withholding agent, and customer due diligence on beneficial ownership.

Forthcoming. To be published in mid-January 2027. Pre-orders are accepted now.
AuthorCaroline E. Ashford, PhD, JD
Publication dateMid-January 2027
ExtentAbout 340 pages; 11 chapters in six parts
LanguageEnglish
PriceUSD 150
SeriesThe Cross-Border Advisor Series, Book 3 of 6
OrderingPre-order through the form on this page or by email to info@clarisonpress.com
Pre-orderContents

Summary

  1. 1.The withholding agent and the 30 percent tax: chapters 3 and 4 and their coordination, and the classification of a payment as fixed or determinable income or as effectively connected income.
  2. 2.The Form W-8 documentation file: the five withholding certificates and Form W-9, validity and change in circumstances, the standard of knowledge and the presumption rules.
  3. 3.Treaty claims for reduced withholding: residence and the saving clause, beneficial ownership, fiscally transparent entities and the limitation on benefits articles.
  4. 4.Particular payments: portfolio interest, dividends, substitute dividends and dividend equivalents under section 871(m), backup withholding and the ITIN.
  5. 5.Forms 1042, 1042-S and 1042-T, the adjustments and the collective refund procedure, and the liability of the withholding agent with the routes to penalty relief.
  6. 6.Beneficial ownership: the customer due diligence rule, FinCEN reporting by foreign reporting companies, and the European registers.

Readership

The book is written for custodians, banks, brokers, paying agents, fiduciaries and other withholding agents, with their tax and operations staff.

Foreign law is treated comparatively for five countries: Germany, France, Switzerland, Italy and the United Kingdom. The applicable tax treaty is treated as the rule rather than the exception.

The book stands alone. Its first chapter, on status, situs, the treaties and the reporting forms, is shared by the six books of the Cross-Border Advisor Series and adapted to the readers of each. Where another book of the series treats a rule in full, this book carries a working summary of the rule or refers to that book by short title and section.

The word Bank in gold letters on the glass facade of a bank building

The Six Parts

Chapter titles as planned; they may change before publication. The book also carries a preface, a page on the companion books, a table of abbreviations, a figures appendix, a bibliography, a table of authorities and an index.

I

Part I. Foundations

1Foundations: Status, Situs, the Treaties and the Reporting Forms

II

Part II. The Withholding System

2Withholding Under Chapters 3 and 4: The Withholding Agent, the 30 Percent Tax and the Coordination of the Two Chapters

3Fixed or Determinable Income and Effectively Connected Income: The Classification of the Payment

III

Part III. Documentation and Treaty Claims

4The W-8 Documentation File and the Presumption Rules

5Treaty Claims for Reduced Withholding: Residence, Beneficial Ownership, Limitation on Benefits and the Standard of Knowledge

IV

Part IV. Particular Payments and Identification Numbers

6The Portfolio Interest Exemption

7Dividends, Substitute Dividends and Dividend Equivalents

8Backup Withholding, TINs and the ITIN Requirement

V

Part V. Reporting and Liability

9Forms 1042, 1042-S and 1042-T: The Annual Withholding Reporting, the Adjustments and the Collective Refund

10Withholding-Agent Liability and Penalty Relief

VI

Part VI. Beneficial Ownership and Customer Due Diligence

11Beneficial Ownership: The Customer Due Diligence Rule, FinCEN Reporting and the European Registers

Pre-order

Withholding on Payments to Foreign Persons is to be published in mid-January 2027. Price: USD 150 a copy. Each pre-order request is confirmed by email, with the shipping costs and the method of payment.

Contents, price and publication date may change. The cover shown is provisional. Trade and bulk orders: info@clarisonpress.com

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The Cross-Border Advisor Series

The Other Books in the Series

Six numbered books for professionals who advise clients with assets, residences, heirs or trusts in more than one country, each published and sold on its own. The series