Our job as a withholding agent for the IRS is more complicated than ever. With new FATCA rules going into effect in 2015, establishing the customer as a US Person and having them sign a more complicated W-9 is a difficult process. Not to mention the W-8BEN and W-8BENE.
We will look at the name control match process, the IRS CP2100 process, how your institution may begin back up withholding, and many other issues. Learn how to get the forms right at new accounts so the IRS reporting is correct and in compliance.
- Line by line review of the W-9
- Why there are four different options for an LLC
- Exemption codes on the W-9 and FATCA exemption codes
- What are the exemption codes for corporations, public funds, IRAs?
- SSNs, ITINs and EINs - who needs what
- IRS reporting on the 1099 Int and the 1042S
- What happens when name and TIN do not match? B notices and fines
- How does the IRS set up name control files?
- Line by Line Instruction on the new W8BEN and W-8BEN E
- Does a NRA have to have a foreign taxpayer identification number?
- What is a nonresident alien? What if there is no country address?
- Basic understanding of FATCA and how it impacts your organization
- Documenting GIIN for foreign financial institutions
Who Should Attend?
Deposit operations, deposit compliance, new accounts, bookkeeping, IRS reporting specialists, and any person who opens accounts or reports interest to the IRS
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