If our deposit customer passes away and the POD receives the money in the account, if the money in the account is over $10,000 does the bank have to file a W-9?
We would like to know if banks are required to mail out tax documents to decedents. If it matters we are a NY bank.
What are some examples of documents that expire and lead to exceptions?
When opening an LLC deposit accounts, does the proof of TIN need to have the current sole member in the address?
When is the 2020 FFIEC BSA Exam manual effective?
Do we have to change our Savings Deposits?
On a joint account, Bob or Betty, if Bob makes a deposit and Betty makes a deposit, do we really have to do four part Is
Can my customer waive and RMD for an IRA?
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?