Names and TINs: 15 Reasons They May Not Match
When your account holder’s name doesn't match for IRS purposes, you're sent a CP2100, and your financial institution must begin the B notice process and often backup withholding on your customer.
This is time consuming and expensive.
How about we set up accounts correctly from the start? Learn how the IRS sets up name control files and how you can avoid the list, the penalties, and the backup withholding process by getting these accounts right.
We’ll review reasons that your customers’ names may not match, and how to avoid costly penalties and lots of back of the house work. Learn 15 reasons why names and taxpayer identification numbers may not match.
What You Will Learn
- How the IRS sets up name control files
- How to set up personal accounts
- How to avoid errors with international names: Hispanic and Vietnamese in particular
- Why your sole proprietors may come out as a mismatch
- How the IRS matches when the name has only three letters
- What the IRS does on business accounts when “The” is in the title
- Nonprofits and social security numbers
- Four kinds of SSNs
- When ITINs expire or the customer now has a SSN
- When a person marries or divorces: What are the TIN issues?
- The high cost of IRS mismatches
- The CP 2100 process and B notices
New Accounts, Branch Managers, Branch Administration, Bookkeeping and all who work with W-9s and W8BENs.
Deborah Crawford is the President of gettechnical inc. She specializes in compliance and regulations for the deposit side of financial institutions. Her 20+ 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.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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