Team Developer
Bank of America
Date: 3 weeks ago
City: Gandhinagar, Gujarat
Contract type: Full time
Job Description:
The W-9 Analyst is responsible for reviewing the Form W-9’s for proper certification and to ensure the accounts are set up correctly on the application system. Accounts that are not certified are certified and tracked by the HX system and are subject to backup withholding. Backup withholding is the withholding of federal income tax on reportable payments such as interest. Backup withholding is applied at the current percentage rate established by the government to the amount of interest paid. The amounts withheld are paid to the IRS the next business day. Any interest paid and backup withholding is reported at year-end on Form 1099-INT to the customer and the IRS.
Responsibilities
The W-9 Analyst is responsible for reviewing the Form W-9’s for proper certification and to ensure the accounts are set up correctly on the application system. Accounts that are not certified are certified and tracked by the HX system and are subject to backup withholding. Backup withholding is the withholding of federal income tax on reportable payments such as interest. Backup withholding is applied at the current percentage rate established by the government to the amount of interest paid. The amounts withheld are paid to the IRS the next business day. Any interest paid and backup withholding is reported at year-end on Form 1099-INT to the customer and the IRS.
Responsibilities
- Calculating and processing interest adjustment for Checking, Savings Accounts.
- Ensure that the Customer’s TIN is correct on the form
- Initiating & terminating backup withholding
- Update/Validate Name, Address & TIN as per SOR on IRS reports for savings bond
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