Answer:
Nobody messes with the IRS and walks away a winner. Uncle Sam wants their money and they always win! Understanding the details of your bank’s IRS reporting responsibilities will help ensure you don’t run afoul of this famously grumpy agency. From monetary penalties for each violation to intrusive IRS audits, very bad things await the non-compliant bank.
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Learn more about David Reed’s webinar
IRS Reporting Requirements: 1098s, 1099s, TINs and Backup Withholding
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