I have a new customer who has a single member entity that is disregarded for tax purposes (rental income and expenses are reported on personal tax return), but has been assigned an EIN separate from his SSN. The entity is 12 years old and he has misplaced his letter from the IRS verifying the LLC's EIN. What is the easiest way to document this to comply with CIP procedures? Can I take his and his accountant's word that the EIN is correct?
Can an LLC with a Series that does not have a separate EIN be linked to the account as an assumed name (DBA)? We have an LLC customer that does have a Series without an EIN. The customer wants the Series attached to the checking account as an assumed name. I was told years ago that an LLC that has a Series would either have the Series with its own EIN and linked to the account as primary without the LLC name, or the Series would be added as a subtitle on the account and not linked as a DBA.
FDIC question - if a company has several individual franchises, each with a different EIN, are the accounts insured up to $250,000 limit?
I am trying to fill out the new CTR form and do not know how to do the boxes and blanks when a person comes into the bank and makes a deposit for a business. On the old form, we put the business name and EIN in the PART 1 section A and then put the person who conducted the transaction in Section B of Part 1. The new form #20 - is this info on the person that actually makes the deposit? I would think I check box 2c but then I do not know where to put the employee's info. I see the + - buttons at the top but do not know if this is when you use them. Any help would be great.
When filing a CTR on a sole proprietorship where the owner has a separate TIN for the business, which do we supply on the CTR- the SSN for the sole proprietor or the TIN?
Can there be two trusts with two separate EINs as owners on one account?
Can a sole proprietor have more than one business under the same EIN (this is not an LLC)?
I have a possible prospect that would like to open a business account here and he has his business license and EIN number. The purpose of the business is Medical-marijuana dispensaries. We are a community bank and I want to know if it is legal to even open in the state of WA. I understand it is legal to have these dispensaries in the state of WA, will we be in compliance?
We have a customer that has a Business DDA with the first name line his own, tied to his own social and the second name line his dba tied to an EIN. If he deposits over $10K cash into THIS business account how is our CTR to be completed? Our "tax" line is tied to the DBA and its EIN. Please advise.
Levy-related: The IRS provides an alternative on Form W-9 for individuals to provide an SSN or an EIN. I believe FIs are required to obtain an SSN for an individual as her/his TIN and so the issue is not applicable from an FI perspective. As a non-FI in a trade or business receiving W-9s where an individual has opted to provide an EIN rather than an SSN, a levy may identify an individual by SSN such that we cannot guarantee that the levy is for the same individual (two people with the same name). Giving the volume of levies that FIs deal with, I am hoping you may have guidance regarding the identification of the taxpayer in the circumstance I have described.