03/03/2003
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?
02/24/2003
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?
11/25/2002
11/18/2002
Our bank is seriously considering NOT using a TINSSN/EIN on periodic bank statements. It is felt this could help deter ID Theft and help with privacy issues? Could there be other regulatory ramifications if we did in fact not use the TIN on statements?
07/15/2002
We have a nonresident alien who has applied for a TIN, but has not received it yet and would like to open an account. Should this account be opened pending receipt of the TIN? If so, what form should we have them complete? It appears to me that form W8 was replaced by form W8BEN in December 2000. Would this be the correct form?
07/15/2002
I am doing TIN Compliance at a bank in the Northern part of the U.S. and have come across an issue I could not resolve. We have customers that are Canadian Citizens. They have social security numbers and receive social security benefits. They say they don't pay taxes here. We have the accounts coded to suppress the 1099 and we issue a 1042S. I called the Internal Revenue Service to see if we are doing the reporting correctly and was told that even though the social security benefits were not taxable, any earned interest should be and they should be filing a US tax return. He also indicated that graduated tax rates are based on income and whether or not they are resident or nonresident aliens will play an important part in determining any tax liability. Is there a stated policy we should be enforcing with such customers? The IRS agent implied each case could be different and was unable to give me a definite answer. What documentation do we need in addition to the W8 Ben? Would putting their social security number on line 6 be sufficient? I just want to be sure we are reporting correctly and we have the needed documents. Thank you in advance for your assistance.
07/01/2002
We have a noninterest bearing account designed for "civic associations" e.g., girl scout troop #25; north metro soccer league, etc. Most of the time, the individual opening the account for this association wants to use their own social security number as the tax ID on the account as opposed to applying for a TIN in the name of the group. My CEO wants us to allow customers to do this so that it is "easy for the customer". These are "obviously incorrect" tax ID numbers in that the name of the account and the name of the individual do not match. Is this a problem?
07/01/2002
I am looking for a training tool or IRS publication that covers TIN compliance. This would cover how to properly enter the names of individuals, businesses and trusts along with the corresponding TIN to avoid "B" notices later. I currently have a copy of a training tool that is eight years old and the consultant that created this reference guide is no longer in business.
02/04/2002
If a customer who is an American Indian does not have a SSN and refuses to apply for one, what do we as far as TIN certification for this person (W9/W8BEN)? She only has a US passport.
01/14/2002
Question: We are having trouble deciding on the correct styling for this account and would like your views. The account is a CD