What is the difference between a Certificate of Deposit and an Individual Retirement Account?
We are rolling out a new rewards program. For members who maintain multiple accounts with direct deposit and have an average balance of at least $XX,XXX, we’re going to rebate X% of each debit card purchase, up to $100 per year.
I was reading some compliance discussions that noted if the credit/rebate is tied to a service instead of just opening and maintaining an account, then it would not be considered a bonus or need to be reported on a 1099-INT. In this case, the accountholder would first need to qualify for a certain level on our rewards program based on their products and balance. However, to receive the rebate, they would need to use their debit card to receive the rebate reward up to $50.
We are leaning towards the rebates not being a bonus or reported on a 1099-INT as payment is triggered on the use of their debit card, not solely on opening or maintaining an account. Thoughts?
Can an IRA customer contribute if he or she is 75 and earning income?
Is a US TIN enough for a NRA on an interest bearing account?
I have a client with a matured IRA/CD. Will there be a penalty if they move the matured IRA/CD to a Money Market Account? The client is 72 years old.
They want to use the money for a down payment for property.
We received an IRS levy for an individual. We have no personal account, but there is an account where the individual is the sole owner on a business account and incorporated. Does the levy effect this account? And do the new Beneficial Ownership regulations impact this at all?
This individual is really using this as a personal account and even deposits Social Security checks into it.
If we have never had an issue with IRS reporting compliance, don’t you think we’re safe?
Do I need to file a 1099-A AND a 1099-C after a foreclosure and subsequent sale of the property?
Can I rely on the IRS form’s instructions to keep me safe?
When do I really need to file a 1099-C and what can I do after that?