The FATCA rules affecting foreign financial institutions also affects US financial institutions and your job as a withholding agent. During this program we will do a line-by-line review of the new forms and the subsequent tax reporting to the IRS.
This program will focus on what a US financial institution has to do from the tax reporting and documentation process to be prepared for FATCA. We will also look at the impact on 1042S reporting changes for nonresident aliens.
Your job as a withholding agent has never been so important and the new forms emphasize your importance in the tax reporting chain that affects this country and accounts for US persons overseas.
Topics Will Include:
- Line by line review of the W-9
- Exemption codes on the W-9 and FATCA exemption codes
- 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
- 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?
This webinar is designed for deposit operations, deposit compliance, new accounts, bookkeeping, IRS reporting specialist and any person who opens accounts or reports interest to the IRS.
Instructor
Deborah Crawford is the President of Gettechnical Inc., a Virginia based training company. She specializes in the deposit side of the financial institution and is an instructor on IRAs, BSA, Deposit Regulations and opening account procedures.
She was formerly with Hibernia National Bank (now Capital One) and has bachelor's and master's degrees from Louisiana State University. She has 27 years of combined teaching and banking experience.