04/23/2023
Are there best practices for handling loans with two borrowers and then one passes awayY What is the best way to handle consumer and mortgage loans when this happens? Should the bank require the survivor to refinance or allow them to make regular payments?
And what about HELOCS? Would it be best to remove the limit and allow payments on the balance, leave limit and allow terms of HELOC to continue or require them to requalify/refinance?
Then, what about IRS reporting if the decease person's SSN is on the 1098?
04/12/2020
If a mortgage loan is refinanced, are we required to report points on the 1098?
04/29/2018
“We have several W8BEN filings that have expired. . From our research we have learned that W-8BENs are exempt from 1099 INT reporting, does this also mean that the bank does not collect backup withholding from these customers? We are needing to know what an expired W-8BEN means to the bank…Is it a big deal?...If so what should the time frame be to get a current W-8BEN from the customer and what should the consequence be if the bank does not receive one.”
11/03/2014
If you have an LLC secured by a home and the LLC uses the SS# of the owner how do you report it to the IRS?
04/28/2014
I have a customer who wants to use his IRA account (elsewhere) as additional collateral since his appraisal was not sufficient for the amount requested. I know that we can not use the IRA as additional collateral. I see in the IRS PUB560 the notation but my question is ...Is there a regulation that relates to this situation?
10/29/2012
What rate is used to calculate the interest rate on a loan that is secured by a Certificate of Deposit account? The interest rate on the Certificate of Deposit or the APY on the Certificate of Deposit?
01/17/2011
Are funds held as collateral exempt from an IRS levy, or do these funds need to be included in the bank's response to the IRS levy received?
01/03/2011
I have a PLLC opened with a husband and wife. It is in the wife's social security number. They both want to leave that way. Can they do this?
04/26/2010
If our bank is offering coupons for loan fees discounts, what type, if applicable, of disclosure is necessary, and do we need to provide a 1099 for tax purposes? The amount that we are speaking of is valued at over $10.
10/26/2009
At a grand opening or moving project, we would like to use a prize wheel. The prize wheel would only have items that range in value from $1.00 to $25.00. The $25 items obviously being the single panel on the wheel. If anyone who spins the wheel is guaranteed some specialty object or prize, can we use it at an event? In other words, there would be no “Lose Turn” or “Bankrupt” as seen on TV. Prize wheel gifts will be changed on a regular basis. And, in order to be able to spin the wheel you have to bring in the direct mail piece. No account existing or new account is necessary in order to participate. Is this a problem?