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?
03/24/2014
If we have a customer (individual) who has set up a line of credit secured by several lots and the customer is building multiple houses on these lots. If we, as a bank, disburse funds from the line of credit to contractors for our customer as payment of services, must we report 1099 Misc for these disbursements?
03/03/2014
Regarding 1099C reporting: We made a loan to a corporation (corporation has its own TIN) and have now received Discharge of Debtor notifications on the two individuals who signed on behalf of the corporation (DOD notices reference the individuals SS#). Do we need to file a 1099C on each of the individuals for the remaining balance of the loan to the corporation?
