This program will focus on what a US financial institution has to do with the tax reporting and documentation process to be prepared for FATCA. We will also look at the impact on 1042S reporting changes for nonresident aliens.

Your job as a withholding agent has never been so important and the forms emphasize your importance in the tax reporting chain that affects this country and accounts for US persons overseas.What You'll Learn:

• Line-by-line review of the W-9
  
• Exemption codes on the W-9 and FATCA exemption codes
  
• SSNs, ITINs, and EINs: who needs what
  
• IRS reporting on the 1099 Int and the 1042S
  
• What happens when name and TIN do not match?
  
• B notices and fines
  
• How does the IRS set up name control files?
  
• Line-by-line instruction on the W8BEN and W-8BEN E
  
• What is a nonresident alien? What if there is no country address?
  
• Basic understanding of FATCA and how it impacts your organization
  
• Documenting GIIN for foreign financial institutions