Skip to content
BOL Conferences
Learn More - Click Here!

Forums · Active Threads · Forum Rules · Mark All Read · Log In
BankersOnline.com Forums Banker Forums Operations Compliance Cash payment for an account referral
Thread Options
#99492 - 07/22/03 03:36 PM Cash payment for an account referral
Wigsout Offline
Junior Member
Wigsout
Joined: Oct 2002
Posts: 40
Tulsa, OK
I've read up on this, but am still confused.

If we offer a $10 (or more) cash payment to a customer for a referral which results in an opened account and we offer merchandise worth less than $10 to the person opening the account, how will the Regs and IRS tax law affect us?

Thanks.
_________________________
"Be tolerant of the human race. Your whole family belongs to it -- and some of your spouse's family does too."

Return to Top
Operations Compliance
#99493 - 07/22/03 04:34 PM Re: Cash payment for an account referral
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,749
On the Net
Privacy issues aside, the person referring business to you get a 1099MISC if you pay $600 or more. The other person, opening the account, has <$10 and it is not reportable as a bonus or income.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top

Moderator:  Andy_Z, John Burnett