August 2015

Volume 3, Issue 16

Posted on 8/19/2015

New IRS FBAR Reference Guide
New IRS FBAR Reference Guide is available on IRS.gov. This IRS Reference Guide on the Report of Foreign Bank and Financial Accounts provides assistance to U.S. persons who have the obligation to file the FBAR; and to the tax professionals who prepare and electronically file FBAR reports on behalf of their clients. 
For more information about FBARclick here.
 
IRS Warns Taxpayers to Guard Against New Tricks by Scam Artists
Following the emergence of new variations of widespread tax scams, the Internal Revenue Service issued another warning to taxpayers to remain on high alert and protect themselves against the ever-evolving array of deceitful tactics scammers use to trick people. For more information, click here
 
Managing Someone Else's Money
To help financial caregivers all over the country, the CFPB released the  Managing Someone Else's Money guides in 2013. The CFPB is now providing additional help: state-specific guides and resources for people managing money for older relatives and friends. The Bureau has released a set of several Managing Someone Else's Money guides specific to the state of Virginia. These state guides will make it easier for caregivers to follow Virginia's unique rules and to find help close to home.
The Virginia guides are easy-to-understand booklets for different kinds of caregivers.
 
Following the release of the Virginia guides, the Bureau has plans to follow up with similar guides for five other states: Arizona, Florida, Georgia, Illinois, and Oregon.

Also, they will make it easy for legal and aging experts in other states to adapt the guides for their states, by providing tips and templates for doing so. For more information or to access the guides, click here
CFPB TILA-RESPA Integrated Disclosure Rule Resources
Compliance guide: A plain-language guide to the new rules in a FAQ format which makes the content more accessible for industry constituents, especially smaller businesses with limited legal and compliance staff.

Guide to forms: Provides detailed, illustrated instructions on completing the Loan Estimate and Closing Disclosure.
Closing factsheet: An overview of the limited circumstances when changes to the loan require a new three-day review.
Disclosure timeline: Illustrates the process and timing of disclosures for a sample real estate purchase transaction.
Integrated loan disclosure forms & samples: Downloadable Loan Estimate and Closing Disclosure forms in both English & Spanish and samples for different loan types.

Volume 3, Issue 15

Posted on 8/6/2015

Help Your Account Holders Avoid Wiring Scams

Imposters. Impersonators. Fakes. Frauds. Phonies. You might call them by different names, but these scam artists have one thing in common: they pretend to be someone they aren't and tell a bogus story to con people into wiring them money.

 

The crooks will give a pretty convincing reason to wire money. They might say your account holder owes the IRS taxes and they will be arrested if they don't pay up. Another group of crooks might say that the account holder won a federal grant and has to pay a processing fee to get the money. Some even tell that the account holder's loved one is in trouble and needs help.

 

They might tell the account holder to use a money wiring service to add funds to a 16-digit account number they give them - they say it's the case number or account number, but it's not. Once the transfer goes through, the money's gone and it can't be recovered.

 

Neither government agencies, nor legitimate business will ever ask individuals to pay by wiring money. If someone insists they be paid by wiring money, it's a scam. Don't do it. Instead, report it to the Federal Trade Commission at ftc.gov/complaint or 1-877-FTC-HELP.

 

For more information, click here

 

CFPB Issues Guidance about Private Mortgage Insurance Cancellation and Termination

The Consumer Financial Protection Bureau (CFPB) today issued a bulletin providing guidance to mortgage servicers regarding the cancellation and termination of private mortgage insurance. The bulletin explains certain requirements of the Homeowners Protection Act and is intended to help servicers comply with the law. 

 

"Consumers should not be billed for unnecessary private mortgage insurance," said CFPB Director Richard Cordray. "We will continue to supervise mortgage servicers to ensure they are treating borrowers fairly, and today's guidance should help servicers come into compliance with the Homeowners Protection Act." 

 

For more information or to read this bulletin in its entirety, click here.

 

Taxpayer Identification Number (TIN) On-Line Matching

TIN Matching is part of a suite of Internet based pre-filing e-services that allows "authorized payers" the opportunity to match 1099 payee information against IRS records prior to filing information returns.

 

An authorized payer is one who has filed forms 1099-B, 1099-DIV, 1099-INT, 1099-K, 1099-MISC, 1099-OID or 1099-PATR with the IRS in at least one of the two past tax years.

 

Interactive TIN Matching will accept up to 25 payee TIN/Name combinations on-screen while Bulk TIN Matching will allow up to 100,000 payee TIN/Name combinations to be matched via a text file submission.

 

Both programs will:

  • match the payee name and TIN with IRS records;
  • decrease backup withholding and penalty notices; and
  • reduce the error rate in TIN validation.

Individuals who are authorized to act for the federal, state, local, or tribal government must first register to use e-services and select a username, password and PIN. Then they can register to use TIN Matching from the suite of e-service products available.

 

The TIN Matching system is accessible 24 hours a day, seven days a week. Support services include on-line tutorials to assist customers with the registration, application and TIN Matching process. You do not need to be a registered user to access and view these tutorials. Customer assistance is also available toll-free at 1-866-255-0654, 7:30 a.m. to 7 p.m., EST, Monday through Friday.

 

Please also see - Pub 2108-A, On-Line Taxpayer Identification Number (TIN) Matching Program for more information.

Do you have a question or topic that you would like to see addressed in our monthly newsletter? If so, email us and let us know. Send questions and/or topic suggestions to info@bankersecampus.com.