TIN errors: Avoiding mismatches and liability

Presented by: Deborah Crawford



There are three elements to running an 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 are facing significant fines. This third element we will call--reconciliation. How well your institution handles reconciliation is 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.

The three elements of IRS TIN Compliance

Element One: Opening the Accounts
     W-9
     W-8BEN
     W-8BENE

Element Two: Reporting to the IRS
     1099 Int
     1042S

Element Three: Reconciliation with the IRS
     CP 2100 and the B Notice Process
     972CG Penalty Letter

Who Should Attend:
Bookkeeping, Branch Administration, Deposit Operations, CIP Managers, BSA Officers, Training and Business Development Personnel, New Accounts, Personal Bankers

About the Speaker: Deborah L Crawford is the President of Gettechnical Inc. specializing in education for banks and credit unions around the country. She began her career at Hibernia National Bank. She has been doing training for 27 years and focuses on the deposit, IRA and BSA side of compliance issues. Her company Gettechnical Inc. is recently relocated to Virginia . She has a bachelor's and master's degrees from Louisiana State University.

This program was recorded in its entirety in June 2015. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.