What Form 8655 Accounting 2024

Today we're going to be talking about one of those hot topics around the country, our job as a withholding agent, Social Security numbers and EINs, iTunes, and the new reporting rules on non-resident aliens. As we begin today and walk through our agenda, we'll talk about the SS 5 form, the W 7 and SS 4 forms, how our customers obtain tax ID numbers. Then we'll discuss the W 9 and W 8 forms in our certification process, as well as the forms we use to report interest, primarily the 1099 int and the 1040 to s. We'll also cover what to do when tax ID numbers don't match, which is the worst scenario. Our goal is to engage in preventive care, making sure names are set up and match, and establishing a good procedure for opening accounts and deposit relationships to avoid mismatches. I recently spoke with a bank that managed to reduce their fines to $8,000 this past year. It's a scenario none of us would want to face, explaining such fines to our president or manager. As withholding agents, we must learn to come to terms with customer identification programs and our responsibilities. It's important that our systems support each other, rather than individuals deciding to misuse tax names and legal names. Our journey today will focus on understanding these forms, reporting practices, and how to open accounts to prevent issues at the end. We must strive to grasp people's tax statuses accurately, ensuring our CP 2100 report doesn't contain any names that require resolution. Our mission is to address these challenges as an industry and find resolutions. As a financial institution, one of our primary tasks is to certify our account holder's correct tax identification number while making interest payments. This step is crucial, although...