2013 IRS Compliance for Deposit Accounts
Compliance with IRS regulations pertaining to interest-bearing accounts is right up there with CIP as far as importance . Hefty penalties emphasize the importance of our efforts. This webinar teaches best practices for compliance and avoiding penalties.
B-Notices, certifications, W-8BENs, TINs, 1099s, penalty notices, 5498s, reasonable cause, C-Notices, name controls, W-9s, back-up withholding, account titling, 1042-S. Compliance with IRS regulations pertaining to interest-bearing accounts is right up there with CIP as far as importance at account opening. Plus, IRS requirements create on-going and annual responsibilities, entail considerable recordkeeping, and necessitate correspondence with the customer and the IRS. Hefty penalties emphasize the importance of our efforts.
The fact of the matter is that the Internal Revenue Service intends to collect taxes on interest paid to deposit accountholders and they need our help. That translates to:
- getting name and TIN information from the customer as required,
- obtaining the appropriate certification – US person or non-US person,
- entering account information correctly into the computer system,
- verifying that the name and TIN combination match, and
- filing correct and timely information returns, or
- paying costly penalties for failure to submit accurate information returns year end.
This webinar teaches best practices for avoiding IRS penalties, and how to respond if your procedures don’t measure up. Topics include:
- IRS name control rules for account titling (issued in 2012),
- How the IRS matches the Taxpayer Identification Number (TIN) to the name control,
- Importance of obtaining the appropriate certification at account opening,
- Form W-8BEN requirements,
- Best practices for data entry of IRS sensitive information,
- Using the IRS’s FREE TIN Matching System to avoid penalties,
- Reporting interest paid to non-US persons (1042-S reporting beginning 2013 tax year!),
- Filing forms 1099-INT, OID, R and 5498,
- Backup Withholding requirements,
- Responding to B-Notices, C-Notices, and penalty assessments (972-CG).
Those with responsibility for maintaining or auditing a financial institution’s information reporting compliance program. The program is presented at a basic to intermediate level.
Laura Wilson, Pegasus Educational Services, LLC.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits:
Member price: $265.00 | Non member price $530.00
Member price: $280.00 | Non member price $560.00
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