Vendor Guru Q&A - Compliance

Latest Compliance - IRS Tax Forms Topics

CIP Documentation Process- IRS Tax Forms

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?

What an Expired W-8BEN Means to the Bank

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?

Collecting Updated Tax Returns

04/01/2018

Is there a better way to track the collection of customer tax returns?

Who Should Sign W-9 Certification of EIN?

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?

Odd Days Interest, Tax Reporting

06/02/2014

If odd days interest is financed should that interest be included with 1098 reportable interest?

Odd Days Interest, Tax Reporting

06/02/2014

If odd days interest is financed should that interest be included with 1098 reportable interest?

Reporting 1099 Misc for Disbursements

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?

Rule on 1099C Reporting and DOD Notifications

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?

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The Form of Disclosure: Deposit Accounts

Providing what we call disclosures to consumers has two basic elements. The first element is the information to be included.

More Banks Will Need CRA Strategic Plans

02/23/2020

We heard that some banks would be required to submit strategic plans under the revised rule. Is this true?

2019/2020 Regulation CC Funds Availability Changes

02/23/2020

What changes for 2019 and 2020 have been made in Regulation CC Funds Availability?

IRS Rules- US Citizen Must be Primary Tax Reporter

02/23/2020

Where may I direct a customer in the IRS rules that if an NRA and a US citizen are joint owners of an account, that the US citizen must be the primary tax reporter?

Can you place a hold on a deposit to a savings account?

02/23/2020

Can we place a hold on a check deposited into a savings account?

Email Notifications Sent for Abandoned Property?

02/23/2020

Can email notifications be sent for abandoned property? My understanding is that this is subject to what each state may require depending on the address the account holder is located. Some states require a written notice to be mailed. So if we meet E-SIGN requirements would that supersede state requirements? Would CAN-SPAM Act also need to be considered as not being in violation since it talks about "notification of a change in the recipient's standing or status"? I'm thinking this Act is more related for purposes of commercial electronic mail.

Latest Compliance - IRS Tax Forms Topics

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