Printable Form 8404 Jersey City New Jersey 2024-2025

Printable Form 8404 Jersey City New Jersey: What You Should Know

Registration Required for New Accounts The New Account Owner shall maintain all accounts for which such individual is the owner or beneficiary at the same place of business and with the same personnel as does the bank described in the Annual Statement of Account (Form 1040A) for which it maintains the accounts. Borrowings must be maintained at the same place of business and with the same personnel as the bank for which they were borrowed. Note : If you borrow 100,000 from a bank and then transfer the funds to another bank, and you do not maintain the loan account with the previous bank you will be required to file Form 8404 if you are a new account owner. This will be true regardless of whether the money was borrowed at the original “new account holder” location or the new account was created at the loan location. Borrowing Requirements: At the same time that the Account Owner records the annual account statement the new account owner shall maintain, to the same place and with the same personnel as the bank for which funds are borrowed: (a) all accounts for which such person is the owner or the next (or prior) owner or of the person next (or prior) owner of the account; (b) all loans for which such person is the borrower; and (c) in the case of any account holder for which the individual is the first  applicant and which is a trust (or a partnership) for which all the debts are assigned to the individual, the trust records for all accounts where the name of another person  (a successor claimant to the individual) has been used in the filing of the return; (c) if there is a partnership, all related accounts where the name of another person has been used to file the return; and (d) if the company is a corporation, all related account records where the name of another person has been used as the name of the company. New Account Owner's Financial Institution Record Keeping Requirements Each annual statement is required to include the information described in Table A of Section 3.9(9) of the Annual Statement Form (Form 1120).

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