Can an authorized signer sign on behalf of a business for backup withholding on a signature card? Our Backup Withholding portion states "Under penalties of perjury I certify that I am a US Person and that I am not subject to back up withholding." This verbiage is confusing our client. How can we explain to the signer the need to endorse on behalf of the business, or is that even required for a business account?
An account holder passed away and named POD beneficiaries who are not US citizens and do not reside or work in the US. No relation to the US other than a family member left them money. The beneficiaries each want to take their share of the account however do not have SSN or ITIN. What do they need to do? These are non IRA funds.
I read the comments and the instructions regarding the expiration of W8BEN. Once the W8BEN expires, does the Bank just require another completed W8BEN or do we need to take other action?
A lawyer that our bank in Missouri deals with from time to time is working with a successor trustee on a trust where the grantor has passed away. The lawyer told us that the successor trustee can use the old TIN (deceased grantor's SSN) because the trust is being dissolved. Also, the trust is still revocable even though the grantor is deceased. It was our understanding that once the grantor passes away, the trust either dissolves or becomes irrevocable, and that a TIN must be obtained. Is this correct or do rules differ from state to state?
Our signature card has the Backup Withholding Certification in the bottom left hand corner. We are having an issue at our institution where the customer service representatives feel that having obtained the customer's signature on any one account, they no longer need to get certification on future signature cards. I feel that recertification is needed on each new account. What are your thoughts concerning this?
We have a joint account where the primary owner is a U.S. resident with valid TIN and the secondary owner is a non-resident alien with an expired W-8BEN. Should we apply backup withholding to this joint account?
On mortuary trust accounts, can the trustee sign the W-9 form on behalf of the customer and certify that there is no backup withholding, or do customers have to sign for themselves?
Are there situations in which an estate would not be required to obtain an EIN? If so, do we use the administrator/executor's SSN? And, can it continue to be an estate account?
W9 certifications are signed under penalty of perjury. Is it appropriate to prefill the fields for backup withholding and "I am a U.S. person" with an X to expedite completion of the form, or should those boxes be filled in by the customer signing in his own hand (no keyboard required) the document? I think in most situations requiring a HUMAN SIGNATURE it is expected that the signer should know what they are signing. Then with that assumption, why do so many of them come in incomplete? The reason for the prefill is to keep them from being incomplete. But if the signer didn't read it in the first place when it was blank and left it blank, are we to assume that they read it and agreed with it when they signed it then? Is there something specific in CIP, US PATRIOT ACT, BSA, IRS or the BIBLE that addresses this?
When a new customer is not a resident or is a resident alien opens an account, we normally require them to complete a W8BEN to claim foreign status and prevent us from reporting interest earned on the account. If they open an account that does not pay interest, are they still required to complete a W8BEN?