02/18/2013
Do you have any kind of sample letter sent to members informing them that their assets have been frozen?
02/11/2013
Any reason why a customer couldn't put their IRA into one of our MMDA accounts?
01/21/2013
When receiving a non IRS levy, what is the banks compliance responsibility to these? They are from local collections firms, and do have court orders attached.
01/14/2013
Does the following certification need to be included on signature cards for the State of Californai? I certify, in accordance with the IRS W-9 instructions provided by the Credit Union and under penalties of perjury, that the Social Security Number (SSN)/Taxpayer Identification Number (TIN) shown is my/the correct identification number and that I am NOT, unless designated below, subject to backup withholding because I have not been notified that I am subject to backup withholding as a result of a failure to report all dividends or interest, or because the IRS has notified me that I am no longer subject to backup withholding. I am not subject to backup withholding I am not a United States citizen or resident (complete W-8 form)/ Exempt
12/24/2012
Can a foreign person without a Social Security Number have an interest bearing account? How would you report the interest earned?
12/17/2012
We are a small community bank. We have 72 individuals who are non-resident aliens. They regularly wire funds to other countries and also receive funds into their accounts at the bank. These accounts are for students at the local university. The money is used for tuition, housing and miscellaneous expenses. If I am correct since they are not US Citizens FBAR would not be a concern. New Reporting Requirements by U.S. Taxpayers Holding Foreign Financial Assets (Form 8938) Taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer's requirement to file FBAR. A chart providing a comparison of Form 8938 and FBAR requirements, and other information to help taxpayers determine if they are required to file Form 8938, may be accessed from the IRS Foreign Account Tax Compliance Act Web page. Also, we (the bank) have no foreign accounts and only transfer funds to other countries via wire using OFAC guidelines for our customers. Is there anything I need to be aware of for the Report of Foreign Bank and Financial Accounts (FBAR)?
12/17/2012
Does an IRS levy exempt Social Security benefits, Social Security disability benefits, V.A. benefits etc?
11/26/2012
My specific question is involving 1099-C. Due to the treatment of payments with shadow accounting, we have a principal balance showing on a loan that is higher than the amount charged off. IRS regulations dictate stated principal when filing a 1099-C. Which dollar amount would be correct for reporting the 1099-C?
10/22/2012
Can beneficiary be added to a business account that is set up as a sole proprietorship and using the individuals social security number on the account?
10/08/2012
Is there a time frame in which an estate has to be settled?