“We have several W8BEN filings that have expired. . From our research we have learned that W-8BENs are exempt from 1099 INT reporting, does this also mean that the bank does not collect backup withholding from these customers? 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.”
If you have an LLC secured by a home and the LLC uses the SS# of the owner how do you report it to the IRS?
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?
What rate is used to calculate the interest rate on a loan that is secured by a Certificate of Deposit account? The interest rate on the Certificate of Deposit or the APY on the Certificate of Deposit?
Are funds held as collateral exempt from an IRS levy, or do these funds need to be included in the bank's response to the IRS levy received?
I have a PLLC opened with a husband and wife. It is in the wife's social security number. They both want to leave that way. Can they do this?
If our bank is offering coupons for loan fees discounts, what type, if applicable, of disclosure is necessary, and do we need to provide a 1099 for tax purposes? The amount that we are speaking of is valued at over $10.
At a grand opening or moving project, we would like to use a prize wheel. The prize wheel would only have items that range in value from $1.00 to $25.00. The $25 items obviously being the single panel on the wheel. If anyone who spins the wheel is guaranteed some specialty object or prize, can we use it at an event? In other words, there would be no “Lose Turn” or “Bankrupt” as seen on TV. Prize wheel gifts will be changed on a regular basis. And, in order to be able to spin the wheel you have to bring in the direct mail piece. No account existing or new account is necessary in order to participate. Is this a problem?
If a loan is in non-accrual status and they make a payment, everything will go to principal. How should this be reported on a 1098?
Is interest paid on an unsecured loan deductible for IRS purposes when the loan proceeds were used to finance a home improvement project?