Webinar

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.

Highlights

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).

Audience

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.

Speaker

Laura Wilson, Pegasus Educational Services, LLC.

Credit Information

Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits:

Pricing

Live Webinar:

Member price: $265.00 | Non member price $530.00

On-Demand Webinar

Member price: $280.00 | Non member price $560.00

Registration

Online: Visit the CBA Webinar Catalog

Mail: Click here and mail completed form with check payable to ConferenceEdge to: (Mail at least 10 days prior to event)

ConferenceEdge
1516 Xavier St., Ste 500, Denver, CO 80204

Phone: Call ConferenceEdge at (877) 988-7526 (credit card payments only)

Please Note:

  • Preferred Payment Method: Online
  • Please register online or by phone when paying with a credit card
  • Payment Must Accompany Registration – Invoices are Not Provided

Register online up to day of event. Earlier registration allows time to check your computer for an optimal experience.

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