Please select 3 correct answers
W-9 forms are used to collect taxpayer identification information from individuals or entities that may be subject to certain reporting requirements, such as providing payments or income to them. The purpose of the W-9 form is to obtain the recipient's correct taxpayer identification number (TIN) and other relevant information for tax reporting purposes.
Monitoring cash transactions of less than $10,000 for suspicious patterns is the most effective measure in strengthening an anti-money laundering program involving cash transactions.
The proper reporting status of the gift given to the customer for opening a deposit account is that the fair market value of the gift is added to the interest paid and reported on Form 1099-INT.
First Savings Bank does not have to provide a 1098-E (Student Loan Interest) report for the loan described in the scenario: a $12,000 loan to Paul and Rhonda Pena and their daughter Jennifer, used to pay her college tuition as well as the tuition at the private high school her sister, Jeanne, attends.
The bank should record the $1,000 and $2,500 transactions on the bank's monetary instrument sales log because the total exceeds the $3,000 threshold.
Financial institutions must submit their loan application registers to their federal supervisory agency by March 1 of the year following the calendar year for which the data were compiled.
