June 27, 2023
Member Fee (Live or Recording): $165 per connection
Non-Member Fee (Live or Recording): $265 per connection
If you are asking your customer “Are you a US citizen?” at account opening, you might be asking the wrong question. A better question is “Are you a US Person?” These and many other errors set up NRA accounts incorrectly so that you report the interest incorrectly to the IRS. It begins with the W-8BEN and ends with the 1042 S interest reporting. If you miss this program you may continue to make common errors that cause you liability and lack of compliance.
- What is a US Person
- Is it okay just to use a US TIN
- Why do we have to get FTINs
- What if we don’t track W-8BEN expirations
- What if we don’t get FTINs
- Who are the countries that we report interest on customers on the 1042S
Deposit Operations, Deposit Compliance, Branch Administration, New Accounts, Training, Personal Bankers and anyone who opens accounts for Nonresident Aliens
Deborah Crawford is the President of gettechnical, inc. a Florida-based firm, specializing in the education of banks and credit unions across the nation. Her 35+ years of banking and teaching experience began at Hibernia National Bank in New Orleans. She graduated from Louisiana State University with both her bachelor's and master’s degrees. Deborah's specialty is in the deposit side of the financial institution where she teaches seminars on regulations, documentation, insurance and Individual Retirement Accounts.