Consumer complaint received 2019-08-31
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Other problem

Complaint:
As stated in Department of the Treasury - Internal Revenue Service Publication 1212 Guide to Original Issue Discount ( OID ) Instruments ; OID is a form of interest. It is the excess of a debt instruments stated redemption price at maturity over its issue price ( acquisition price for a stripped bond or coupon ). Zero coupon bonds and debt instruments that pay no stated interest until maturity are examples of debt instruments that have OID. As stated in Department of the Treasury - Internal Revenue Service Publication 1212 Guide to Original Issue Discount ( OID ) Instruments ; The term debt instrument means any instrument or contractual arrangement that constitutes indebtedness under general principles of federal income tax law ( including, for example, a bond, debenture, note, certificate, or other evidence of indebtedness ). It generally does not include an annuity contract The Company and myself entered into a contractual arrangement ( debt instrument ) which constitutes indebtedness under the general principles of the federal income tax law. The Company has obtained the Original Contractual Arrangement ( instrument ) ; hence, are considered the Holder in Due Course/ Payor and are liable for the federally withheld amount of {$1800.00}. In addition, additional payments were made which said company has failed to provide a 1099 OID regarding past payments which again, they are liable for the federally withheld amount.

All federal banks are encouraged to use a double-entry accounting system ( 12 US Code 1831n ( a ) ( 2 ) ( A ) - Uniform accounting principles consistent with G.A.A.P. ). In this system each transaction results in at least two entries : a debit ( or entry on the left side of an account ledger ) and a credit ( or entry on the right side of an account ledger ). For every debit entry there must be an offsetting credit entry and vice versa. Following this rule and determining that the total debits equal the total credits can keep the records in balance. The " Asset Accounts '' record what the federal banks owns. ( For example, the contractual arrangement that was signed for value received in the amount of {$1800.00} 12 US Code 1813 ( l ) ( 1 ) DEPOSIT ). These accounts normally have debit balances. The " Liability Accounts '' record what the federal banks owes ( For example, the {$1800.00} in credit which is due to the recipient ). The " Liability Accounts '' normally have credit balances. Consequently, said company has committed the following violations regarding said debt instrument ( s ) : failed to adhere to G.A.A.P., failed to provide a 1099 OID regarding said debt instrument ( s ), failed to report income, failed to withheld tax, failed to file return, and failed to pay tax. 

it is impossible to furnish information to the Credit Reporting Agencies without first assessing the tax accordingly regarding said debt instrument ( s ) ; Otherwise it is evident that said company knowingly participated in a transaction to effectuate criminal or fraudulent avoidance of tax liability. As the recipient who authorized said Contractual Arrangement, I am being hindered from assessing said tax accordingly in association with said debt instrument ( s ) by way of form 1099 OID and 1040, which again, said company knowingly participated in a transaction to effectuate criminal or fraudulent avoidance of tax liability. Consequently, said company has intentionally impacted ones credit worthiness negatively regarding said debt instrument ( s ) which is considered irrefutable proof that they do not respect G.A.A.P., the general principles of the federal income tax law, and the FCRA ( Sections 623 ( a ) ( 1 ) ( A ) and ( a ) ( 1 ) ( C ) and Section 623 ( a ) ( 2 ) ).

Attach you will find Department of the Treasury - Internal Revenue Service Publication 1212 Guide to Original Issue Discount ( OID ) Instruments, Pages 1 and 2 ; Emphasis on the following Definitions ( Circled ) : Original Issue Discount ( OID ) and Debt Instrument, said companys statement ( other evidence of indebtedness ) which constitutes indebtedness under the general principles of the federal income tax law, 12 US Code 1813 Definitions ; Emphasis on the following highlighted area ( s ) : 12 US Code 1813 ( c ) ( 1 ) DEPOSITORY INSTITUTION, 12 US Code 1813 ( c ) ( 2 ) INSURED DEPOSITORY INSTITUTION, 12 US Code 1813 ( l ) ( 1 ) DEPOSIT ; 12 US Code 1831n Accounting Objectives, standards, and requirements ; Emphasis on the following highlighted area ( s ) : 12 US Code 1831n ( a ) ( 2 ) ( A ) Uniform accounting principles consistent with G.A.A.P., XXXX XXXX Credit Report regarding proof said company do not respect G.A.A.P., the general principles of the federal income tax law, and the FCRA ( Sections 623 ( a ) ( 1 ) ( A ) and ( a ) ( 1 ) ( C ) and Section 623 ( a ) ( 2 ) ). The following forms have been prepared accordingly and are on standby should any issue arise regarding said complaint in association with said company : Department of the Treasury - Internal Revenue Service Form 3949-A - Information Referral and Department of the Treasury - Internal Revenue Service Form 211 - Application for Award for Original Information. All statements/ responses regarding said complaint will be forwarded to the Internal Revenue Service along with said forms in order to substantiate my complaint.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation