Global Business Services

Global Business Services delivers Technology and Operations capabilities to Lines of Business and Staff Support Functions of Bank of America through a centrally managed, globally integrated delivery model and globally resilient operations.

Global Business Services is recognized for flawless execution, sound risk management, operational resiliency, operational excellence and innovation.

In India, we are present in five locations and operate as BA Continuum India Private Limited (BACI), a non-banking subsidiary of Bank of America Corporation and the operating company for India operations of Global Business Services.

Process Overview

Tax Reporting  is a new interest bearing accounts and Certificates of Deposits (CDs) require a complete Form W-9 when the account is opened. The Form W-9 is the part of the signature card and is maintained on Image View. Tax Reporting receives Forms-W9’s from Reasonable Cause, B-Notice, Penalty Notice mailings and from banking centers for name or TIN changes to existing accounts.

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

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