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New W-9 Requirements for FACTA among Topics to be Addressed at Upcoming Seminar
Wednesday, July 23, 2014 6:40 AM

The Foreign Account Tax Compliance Act requires a participating foreign financial institution to report all U.S. account holders that are specified U.S. persons. Form W-9 and the Instructions for the Requester of Form W-9 have been revised to expand the Exemptions box on the front of the form to include entry for the Exempt payee code (if any) and Exemption from FATCA Reporting Code (if any). New W-9 requirement for FACTA are among topics to be examined at the Cornerstone Credit Union League’s Compliance Review seminar Sept. 18 in Little Rock, Ark.

Featuring well-known trainer Deborah Crawford, this hands-on workshop will also address:

  • New POA statute and POA Dos and Don'ts
  • New W-8BEN and W-8BENE
  • Tax reporting issues, particularly in the area of nonresident aliens
  • A solid review of the account card and types of ownership in Arkansas
  • Fiduciary issues: guardianships, estates, trusts, UTMAs
  • Business account documentation which changed in 2011
  • How to style names to be in compliance with the IRS for tax reporting purposes
  • Common errors on account cards and how to avoid them

If you are planning to attend the one-day program, please be sure and register by Aug. 15 to receive the early bird registration rate of $299 per person.

Member service representatives, branch managers, tellers, and basically anyone who opens accounts and documents accounts are encouraged to take advantage of this program. Presented by well-known trainer Deborah Crawford, the seminar covers all the rules regarding opening accounts in Arkansas.

Credit unions will find additional information on the Compliance Review seminar on Cornerstone’s website. If you have any questions, please contact Training & Events, at (469) 385-6630 or (800) 442-5762, ext. 6630

Educational grants are available through the Cornerstone Credit Union Foundation. To learn more, please visit www.cscuf.coop.