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Opening new accounts and reporting correct taxpayer identification numbers has never been so challenging. First you have to identify the status of the person, then you have to set the account up correctly in the system. Any little thing that does not match the IRS name control file can cause your institution to be fined $100 per account. Plus, if you do get fined, you must respond properly or the IRS can fine you even more! During this program you will learn the ins and outs of setting up new account titling and matching SSNs, EINs and ITINs. You will learn the common errors and how to fix them.
This webinar pays for itself with just three TIN/name fixes!
During this webinar, we will discuss these and other topics:
What is an SSNs, EINs and ITINs?
How do you get those numbers and what do they mean?
When do you use an SSN, EIN or ITIN?
What are system limitations and mistakes that can be made in account set-up?
Why do we have to get interest reporting right?
What happens when names and TINs do not match?
What are the exemptions to backup withholding and the codes?
What is the liability to the institution for name/TIN mismatches?
What do we do when we get a CP2100 letter or a penalty letter from the IRS?
What is the role of the W-9, W-8BEN and W-8BENE in determining the correct SSN, EIN and ITIN?
Now that ITINs expire, what does that mean to the financial institution?
Can a nonresident alien have an SSN?
Can a business account use an SSN or EIN and, if so, under what circumstances?
Can an estate use a decedent's SSN and why or why not?
Who Should Attend: Bookkeeping, Branch Administration, Deposit Operations, BSA Officers, Training and Business Development Personnel, New Accounts, Personal Bankers
Very good information all around. - dvelazquez
Deborah is wonderful about making things clear! - mpalmer
Outstanding. Found the information that I needed and some - david737
Deborah Crawford is the President of gettechnical inc. She specializes in compliance and regulations for the deposit side of financial institutions. Her 27+ year career in banking and training began at Hibernia National Bank. She has been a seminar leader for many state associations and credit union groups across the nation. She has Bachelors and Masters degrees from Louisiana State University.