11/01/2010
We have been been notified that the sole owner on an interest bearing account is deceased. It has been several months and the personal representative has not come in yet to close the account. Should this checking account be changed to a non-interest bearing account?
07/26/2010
Some years ago, we received an order from the IRS to "backup withhold" 28% of the interest we pay to one of our customers. All those accounts have since closed. Are we required to maintain that order in case he should open new accounts in the future?
04/19/2010
When we receive a notice from the IRS for backup withholding, are we required to withhold on all interest bearing accounts for the tax payer or just the accounts listed on the IRS notice?
04/12/2010
When preparing B notices for backup withholding to send to account holders, do we have to use the IRS' standard form or can we modify it and remove some of the information? For example, can we remove the chart for the 1st B notice?
11/02/2009
When a bank begins backup withholding on a customer, is it required to notify the customer?
05/04/2009
We are sending out updates for our W8 BENs. What is the procedure if they are not returned?
09/01/2008
Does the conservator sign their name in the backup withholding certification area on a conservatorship checking account?
06/23/2008
What can we legally do when a Canadian citizen customer won't sign the recertification of his foreign status (W8BEN) when due? We do backup withholding for the interest bearing accounts, but what about the customers that do not earn interest? Can we freeze the account? Although that's not good business, what else can be done?
10/01/2007
We received notification from the IRS to begin withholding on a husband and wife. Some time has passed and both the wife and husband have recently died. The account has not been closed out by the Administrator of the Estate. Do we need to continue with the backup withholding?
05/29/2006
Can a customer close an account where backup withholding requirements were received from the IRS? Should we restrict transactions on the account?