01/07/2002
We have been requested by our Commercial Loan area to help out an existing customer. The existing customer is being taken over by another Company and the existing customer would like to keep the existing account number but change the name and the reporting 06 TIN number on this existing account. My question is there any requirement by IRS or any others that we close this account and open another? We have always closed these accounts in the past but I think this was more a Bank requirement then a legal one. Am I correct in this?
11/05/2001
I took part in the 2001 IRS Information Reporting for Financial Institutions on 10/4/01 and have a couple of questions about IRS reporting. (1) It stated that if we issue checks on real estate secured loans to an appraiser then we must file a 1099 misc. Is this true for checks issued to a title company or flood determination company? (2)On sole proprietorships, it stated that the individuals first name should be the name listed first, however, we have been putting the name they filed as first. Is this wrong? (3) Is the loan origination fee to be included on the 1098? (4) Also where can we find some guidance on OREO loans and what needs to be reported?
11/05/2001
Can a sole proprietorship be owned by a trust? If so is it wise? We were concerned with business liabilities against a trust rather than a person. Example: John Doe trustee of the John Doe Trust DBA "Business Name"
09/17/2001
09/17/2001
09/17/2001
09/10/2001
08/06/2001
Can anyone tell me if on a minor account if you can have more than one guardian on the account as joint owners?
07/09/2001
I read an article several years ago regarding an IRS requirement that if there is joint account wros and the primary owner(1099 information reported under this person's SSN) dies, the 1099 for that year should include the interest for the primary owner only through the date of death. A new account should be opened for the surviving owner in order to correctly report the interest going forward. Is this IRS requirement still in effect? If so, would it be required for a husband and wife filing a joint return?
07/02/2001
If we have a joint trust account with a husband and wife (both as trustees) and are using the social security number of the husband and he dies, can we change the TIN to the wife's social security number or do we have to have an EIN?