We have a bank disclosure on our acct agreement that reads: We authorize the Bank to obtain and exchange information regarding business owner, including credit reports and info from fed and state agencies such as IRS.
The customer does not want to sign. Are we required to provide this information to IRS and State agencies?
I'm looking for clarification on a health savings account being overdrawn; specifically by a debit card transaction. If the bank pays a debit card purchase for the customer and then holds the amount owed on the HSA account, does the bank's action cause the HSA to be disqualified? Or does disqualification only relate to items that we can return, such as checks?
Do you have to get spousal consent when the spouse is not listed as the beneficiary on a HSA account if the couple is separated?
Can a sole proprietor use the same tax id number for two different types of accounts in the state of VA?
Are there any special rules regarding IRA accounts? I have a customer that opened an IRA and then changed his mind. It was opened on 4/3/2014 and now he wants to close it.
The following question was asked before in 2004. I would like to know if the answer is still the same? Here was the question: If a sole proprietorship is styled Jane Doe dba Jane's Jeans, we would use Jane's SSN for the tax ID. If Jane's Jeans had an EIN, should the account by styled the same? I always understood the first name on the legal title should match the tax ID number.
We have a few accounts were the Primary (tax reporting) account holder is deceased. The Joint owner cannot be reached or refuses to come in. The account is a interest bearing account, can we turn off the interest or switch who is primary on the account?
If a foreign customer has a Taiwan Passport to open the account and the permanent address is Canadian, should we report as 1042-S?
Can a tax levy be placed on a trust account if the SSNs are the same?
If we have a deposit promotion which pays the client a $50.00 bonus to open an account, are we required to send them a 1099-INT at the end of the year?