I have been trying to find what the requirements are for giving bonuses to open a new account. There are advertisements everywhere of cash offerings, freebies, or giveaways. We’re still stuck on the value of offer cannot exceed $10, however we see TV ads offering $300 to open an account.
What compliance issues do we need to address if our offerings go beyond $10? As an example, April is Teach your Children to save month. Marketing has come up with a campaign that if you come by and get a piggy bank and bring it back full of coin with your child and use it to open an account, the bank will also deposit $10 into that new account, or it could be an existing account.
John and Cindy both have individual accounts and just created a family trust which has no tax number. Can they use their separate SSANs for the account without adding the other person as joint owner?
We are a commercial bank in New York. Do we need to report interest that is paid on our real estate escrow accounts to the IRS?
Can someone please tell me whether, for an IRA customer over 70 1/2 who has an RMD, does the federal tax withheld get deducted from the RMD amount or is it an additional % on top of the set RMD amount?
Is it proper to release a copy of a check for a CTR that was filed? The agent want to know the source of funds.
Can I take funds for a tax levy from a customer who has XXCIV SERV benefits?
Question: If a customer has an HSA with a single coverage HDHP plan, should we allow a spouse or dependent be an authorized signer on the account?
The following question was asked before in 2004. I would like to know if the answer is still the same? Here was the question: If a sole proprietorship is styled Jane Doe dba Jane's Jeans, we would use Jane's SSN for the tax ID. If Jane's Jeans had an EIN, should the account by styled the same? I always understood the first name on the legal title should match the tax ID number.
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?
We received an IRS Levy last week, and our customer had $800 available at the time the levy was received. We placed a hold on the funds. Two days later we received notice that a $3,000 check he deposited was being returned for NSF. This meant true account balance available would have been ($2,200) at the time of levy. When we received the $3,000 check back, we debited his account, and he was negative. He has since deposited cash and has $100 available (including the $800 hold for levy). Checks are now presenting that we could pay if the $800 hold was not there. What am I obligated to pay the IRS now?