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Auditing Your Nonresident Alien Accounts: W-8BEN and 1042S Reporting

Nonresident aliens continue to be a compliance nightmare. Let’s check the deposit accounts that we have and see if anybody is incorrectly classified and if the paperwork and system are correct.

OnDemand
Recorded Tuesday,
September 24th, 2024
Presented by Deborah Crawford
2h total length
$299.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Compliance
  • Deposit
  • Deposit Accounts
  • Deposit Compliance
  • Branch Manager
  • Compliance Officer
  • Deposit Operations Manager/Specialist
  • New Accounts Representative
  • Privacy Officer/Information Security Professional
  • Training Manager
  • Trainer

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Are your W-8BENs filled out properly? Is your system set to withhold or not withhold as needed on interest-bearing accounts? What countries are involved? Does it help to have a US TIN?

All of these questions will be addressed in our audit worksheet and training. Get your staff in compliance by checking their work.

What You'll Learn

  • Does your staff identify nonresident aliens correctly?
  • Do you have Foreign Taxpayer Identification Numbers on interest-bearing accounts?
  • If not, are you back up withholding?
  • What countries do not issue FTINs?
  • Is your W-8BEN filled out correctly?
  • Are you tracking expirations?
  • Do you have appropriate identification?
  • And much more

Who Should Attend

Deposit operations, deposit compliance, branch administration, new accounts, training, personal bankers, and anyone who opens accounts for nonresident aliens will benefit from this session.

Deborah Crawford

Instructor Bio

Deborah Crawford is the President of Gettechnical Inc., a Florida based training company. She specializes in the deposit side of the financial institution and is an instructor on IRAs, BSA, Deposit Regulations and opening account procedures. She was formerly with Hibernia National Bank (now Capital One) and has bachelor's and master's degrees from Louisiana State University. She has 35+ years of combined teaching and banking experience.

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