Recently in dealing with a non-resident alien, an ITIN was presented at the time of account opening. After researching on the irs.gov website and calling the IRS, I was told that an ITIN can only be used to file a US tax return. It is not to be used for any other purpose, including opening a bank account. In your question and answer page about non-resident aliens it mentions and ITIN can be used . Please clarify.
According to the USA PATRIOT Act Section 326, a customer includes the person who opens an account for an entity that is not a legal person. How do you determine if the entity is legal? For example, we have a bowling league. Do they have to register with the state they do business in to become legal? Do they have to obtain a TIN to become legal, or both?
Who owns an uniform transfer to minor act savings account, the minor child or the custodian?
We have a joint account where the primary owner is a U.S. resident with valid TIN and the secondary owner is a non-resident alien with an expired W-8BEN. Should we apply backup withholding to this joint account?
Currently we do a social security verification or a credit report on all new accounts to verify identity/and/or other information. Some reports verify the individual information to be the same as what we have on the person but will not verify that the social security number is actually issued to that person, but gives the date of issue and the state issued in. According to the CIP rules, are we required to verify that the number given is actually issued to that person? If so, do you know where or how to obtain that specific information?
If I sell gift cards at my teller window and/or at a merchant’s location, am I required to get new account data such as TIN and driver’s license numbers?
Are W-9s required on accounts payable vendors?
In the wake of the extensive damage brought by Hurricane Katrina, there are two problems. First, people need access to money - fast.
Combining the TIN certification
by John Burnett
What is an S-Corporation? What is a personal corporation? What is the difference? What TIN can be used for each, SSN or EIN? Can you have an "Inc." with only one officer, who is president, vice-president, secretary and treasurer?