08/27/2023
If a non-resident alien is not legally required to obtain a recipient foreign tax ID number can the phrase "not legally required" be printed in box 13i of Form 1042s, or does the IRS prefer the field be left blank? In our system we have a specific field for the FTIN but for non-resident aliens that report "not legally required" in box 6 of the W-8BEN we enter this information into that field in our system for tracking. When we print 1042s forms the information for box 13i is pulled from this field in our system.
07/09/2023
Do Canadians have TINs?
02/13/2022
Our bank would like to give current customers $25 cash to refer a friend. We have been advised that those clients must then receive a 1099 at year end for the "gift." I've seen other banks do this successfully so are they all issuing a 1099?
08/30/2020
We are trying to develop a Refer-a-friend program. We will offer a $50 bonus" for referring customer and a $50 bonus for the referred customer once the account is opened with direct deposit and they use a debit card a predetermined number of times in 60 days. We have a third party company that tracks referrals and bonuses which is trying to tell me I don't have to 1099 anyone because we're not paying the bonus at account opening - we're paying the bonus for meeting the qualifications of the program. Is a 1099 required for a $50 refer-a-friend bonus?
12/01/2019
I have a compliance question related to our CIP documentation process. An IRS SS-4 Form is typically a required document to verify the Employee Identification Number. We are asking if a company’s Tax Returns and Department of Revenue Letter can be used as substitute items in lieu of the SS-4?
05/20/2018
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?
04/01/2018
Is there a better way to track the collection of customer tax returns?
05/18/2015
Who should be signing the W-9 Certification of an EIN for an irrevocable trust where the grantor is living but not a trustee : the grantor or the trustee?
06/02/2014
If odd days interest is financed should that interest be included with 1098 reportable interest?
06/02/2014
If odd days interest is financed should that interest be included with 1098 reportable interest?