We are offering members a $100 incentive bonus if they open a checking account with direct deposit which would start within 60 days. We understand all of the disclosure requirements for the $100 payment. The argument is, must we disclose in the ad that the $100 will be reported as interest to the IRS? We of course will be sending the member a 1099-INT and reporting it to the IRS, but are we required to disclose that?
If a foreign customer's W-8 expired and their individual account is not interest bearing; do you still need to place them on backup withholding?
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?
What is new about the W-4 Form in 2019?
What is the big deal with IRS reporting compliance?
We have a new business that wants to open an account. The business is a US corporation but it is owned by Canadian individuals. All the paperwork is here for being able to conduct business in the states. My question is when I do the paperwork for the individual owners, do I need to make sure they sign a W-8BEN too?
If I have a resident alien with green card or a SSN, to complete the interest reporting would I chose a 1099 INT or still a 1042S? If its a non resident alien I fill out a 1042S, but I'm still confused on the resident aliens.