SSN, EIN & ITINS & IRS Deposit Reporting
Avoid hefty IRS fines and penalties -- this webinar will take you through the ins and outs of managing your account opening, reporting and reconciliation process on taxpayer identifications numbers.
Received your CP2100? Facing a $20,000 fine for name mismatches? If your institution received the IRS name mismatch list, you must follow the B Notice Process to avoid being fined. If not, you will then receive the 972CG penalty letter and must follow that process. Need to know more? This webinar will help.
There are three elements to running effective account opening and tax reporting to the IRS. The first is getting the accounts opened with proper taxpayer identification numbers. These can be social security numbers (SSNs), Employer Identification Numbers (EINs) or Individual Taxpayer Identification Numbers (ITINs). Your customer certifies this number on a W-9, W-8BEN or W-8BENE. After initial certification, the interest is reported to the IRS on a 1099 int or 1042S. And then the hard part, you receive a letter from the IRS (CP2100) telling you these names do not match and you are facing significant fines. This third element we will call reconciliation. How you handle reconciliation determines whether or not you are fined. This webinar is about the integration of these three elements from the front of the house to the back of the house.
- Element one: opening the accounts
- Element two: reporting to the IRS
- 1099 Int
- Element three: reconciliation with the IRS
- CP 2100 and the B Notice Process
- 972CG Penalty Letter
Bookkeeping, branch administration, deposit operations, CIP managers, BSA officers, training and business development personnel, new accounts and personal bankers.
Deborah Crawford is the President of Gettechnical Inc, a firm, specializing in the education of financial institutions across the nation. Her 27+ years of experience began at Hibernia National Bank in New Orleans. Debbie specializes in the education of financial institution employees and officers in the area of deposit account laws, new account documentation, insurance, compliance regulations and IRAs.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2 hours/session
Member price: $275.00 | Non member price $550.00
Member price: $295.00 | Non member price $590.00
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1516 Xavier St., Ste 500, Denver, CO 80204
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