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Professional Association Interest Checking Account
by Randy Carey, BOL Guru
Guru Bio
Question: Does a professional association qualify for an interest bearing checking account?
Answer: It depends on the type of professional association and their classification under IRS rules. A professional association, like the American Bankers Association, is considered similar to a non-profit organization and would be eligible. If you are talking about a professional association like "Dr. John Doe PA", then that is similar to an S-corporation and it would not be eligible.
First published on BankersOnline.com 3/31/08
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