Opening Accounts for Nonresident Aliens: New W-8BEN, W-BEN-E, and Due Diligence Rules Webinar
In 2010, Congress passed the Hiring Incentives to Restore Employment Act of 2010, P.L. 111-147 (the HIRE Act), which added chapter 4 of Subtitle A to the Code, consisting of sections 1471 through 1474 of the Code and commonly referred to as “FATCA” or “chapter 4.”(see complete description below).
Webinar Description and Audience
In 2010, Congress passed the Hiring Incentives to Restore Employment Act of 2010, P.L. 111-147 (the HIRE Act), which added chapter 4 of Subtitle A to the Code, consisting of sections 1471 through 1474 of the Code and commonly referred to as “FATCA” or “chapter 4.”
Form W-8BEN has been divided into two versions — Form W-8BEN for use by individuals and Form W-8BEN-E for use by entities. Form W-8BEN will continue to be used to document nonresident alien individuals, while Form W-8BEN-E will be used to document foreign entities, for purposes of chapters 3 and 4, and under certain other sections of the Code to establish their status for withholding or reporting purposes.
We’ll examine the impact of FATCA, the new forms and 1042S reporting to the IRS. We’ll also look at acceptable forms of identification and Bank Secrecy Act issues in your Customer Identification Programs and due diligence.
What You Will Learn:
•Who is a nonresident alien
•How FATCA impacted your account opening procedures
•Types of Identification to open account
•CIP and CDD for Nonresident aliens
•How to complete new W-8BEN and W-8BENE
•New ITIN rules for expiration
•Rules for using previous versions of the form
•TIN requirements for Forms W-8BEN
•Due Diligence requirements for withholding and “Reason to know”
•Requesting a new W-8BEN
•W-8 Period of Validity
•Substitute Forms W-8
•OFAC Special Issues
Who Should Attend?
New Accounts Representatives, Branch Managers, Deposit Operations, Compliance, Security and Training
Continuing Education (CE) Credits
This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.
Webinar Viewing Options
INCLUDES SEVEN DAYS OF ONDEMAND PLAYBACK! With this option, you will participate in the webinar (via the internet) as it is being presented. You will login to the webinar on your PC to view the PowerPoint presentation, and you have the option of using your PC speakers or a telephone for the audio. You can type and send your questions to the instructor. Many companies are now running their PC through an LCD projector allowing many employees to participate at the same time. And don’t worry if you miss the webinar, you can still view it for up to seven days after it takes place!
SIX MONTH ONDEMAND VIDEO RECORDING:
With this option, you will receive an e-mail that contains a link to the PowerPoint slides (to download, print, and copy) as well as a link to the media player where you will view and hear the entire webinar just as it was delivered, featuring the full-color PowerPoint presentation with audio. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. The weblink will be available to you (and anyone else in the company) for up to six months and can be accessed 24/7 as many times as you wish. Delivered via e-mail the day after the webinar takes place.
CD-ROM VIDEO RECORDING:
If you do not have internet access or want to make the webinar part of your training library, the CD-ROM Recording is a great option for viewing a webinar. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. With this option, you will receive a download of the PowerPoint slides and a CD-ROM Recording (featuring PowerPoint presentation with audio) of the webinar via regular mail. Mailed 7 to 10 days after the webinar takes place.
Webinars can be scheduled and offered exclusively for your company. They can even be customized to best fit your needs. To find out more, please complete the in-house request form found in the Schedule and Registration Information section below.