Compliance Center: IRS Issues Proposal to Eliminate 36-Month Non-Payment Requirement From Form 1099-C

IRS proposes change to 1099-C; joint account question; and Legal Briefs.

Compliance Question of the Week: What Do We Do if We Repossess a Vehicle That Has Items in It?

Vehicle repossession takes on a new challenge when there are items in the car. This week’s compliance question tackles the issue of what to do.

Committee Deadline Passes in Oregon Legislature

The Oregon Legislature has a more focused agenda for consideration, now that the April 18 deadline has passed for bills to move out of committee or die without hearings.

Compliance Question of the Week

Can an attorney in fact with a general power of attorney that allows them to open and close accounts, run transactions, etc., add themselves as a joint owner on an account of the principal?

Compliance Question of the Week

Does one joint owner on an account have the right to remove all of the money in the account?

Compliance Question of the Week

We have several IRA accounts that were opened 10 or more years ago for which our statements are being returned, and our members have not contacted us. At what point do these become dormant and get sent to the state?

Compliance Question of the Week

What is considered positive owner contact that would prevent an account from going dormant?

Compliance Question of the Week

When are member funds presumed abandoned?