06/02/2014
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.
04/28/2014
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?
05/27/2013
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?
04/29/2013
Can a bank charge an HSA for their check order? Can bank fees be debited from an HSA?
03/04/2013
If we have a foreclosure & we file a 1099-A, but then the debtor pays the balance of the home off in 4 years, is there any amendment or form we need to send to the IRS? I know if we forgive the debt years later we file a 1099-C, but I do not know if the 1099-A needs following up if the loan is paid.
01/21/2013
When receiving a non IRS levy, what is the banks compliance responsibility to these? They are from local collections firms, and do have court orders attached.
12/17/2012
We are a small community bank. We have 72 individuals who are non-resident aliens. They regularly wire funds to other countries and also receive funds into their accounts at the bank. These accounts are for students at the local university. The money is used for tuition, housing and miscellaneous expenses. If I am correct since they are not US Citizens FBAR would not be a concern. New Reporting Requirements by U.S. Taxpayers Holding Foreign Financial Assets (Form 8938) Taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer's requirement to file FBAR. A chart providing a comparison of Form 8938 and FBAR requirements, and other information to help taxpayers determine if they are required to file Form 8938, may be accessed from the IRS Foreign Account Tax Compliance Act Web page. Also, we (the bank) have no foreign accounts and only transfer funds to other countries via wire using OFAC guidelines for our customers. Is there anything I need to be aware of for the Report of Foreign Bank and Financial Accounts (FBAR)?
12/03/2012
If a customer has a sole proprietorship along with a Fictitious name certificate, does the account still need to include their full name? Example: John Doe is the sole prop. He has a certificate to do business as Doe Technologies. Can the account be titled Doe Technologies or must it be titled John Doe DBA Doe Technologies?
11/12/2012
Will we need to report interest for nonresident alien accounts? We have so few that the ones we have had in the past were not reported. Most have a SS#, can they be reported on a 1099-INT?
10/22/2012
I am setting up an account for a "Living Trust". Can I style it: "ABC Living Trust"(using grantor's SS# John Doe trustee or do I have to use grantor's name ss# then ABC Living Trust then John Doe Trustee?