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If you are asking your customer “Are you a US citizen?” at account opening, you might be asking the wrong question. A better question is “Are you a US Person?” These and many other errors set up NRA accounts incorrectly so that you report the interest incorrectly to the IRS. It begins with the W-8BEN and ends with the 1042 S interest reporting. If you miss this program you may continue to make common errors that cause you liability and lack of compliance.
What You Will Learn
· What is a US Person?
- What if a US Person and a NRA are on an account?
- Who is a resident alien?
- What does a green card mean?
- What is substantial presence?
- Can a NRA account be opened with a passport number if not interest bearing?
- Is it okay just to use a US TIN?
- Why do we have to get FTINs?
- How do we complete the W-8BEN
- What if we don’t track W-8BEN expirations
- What if we don’t get FTINs?
- Who are the countries that we report interest on customers on the 1042S?
Who Should Attend?
Deposit Operations, Deposit Compliance, Branch Administration, Training, BSA, Branch Staff
Questions and Answers