If I have a customer that has a Sole Proprietorship/DBA and the business issues a check to him in his name and he cashes it do I need to include the DBA information in Section A and his information in section B or just his information in Section A? What would be checked in part II?
When you have a joint account and the tax reporting owner passes away, can you just change the SS# on the account to the surviving party and leave the account open or should you close that account and open a new account?
When a company or organization has multiple accounts with same TIN and different addresses, should CTRs be filed with different section A entries or under just one? Which address should be used? For example, School District with different schools depositing into multiple accounts with the same TIN or different Boy Scout Troops with same TIN, different addresses.
What are the proper procedures to CIP for an attorney-in-fact (AIF) under a power of attorney? My question comes from an instance where we have a CIP grandfathered Amish customer and they would like to add someone to their account that doesn't have a TIN and refuses to get one. They went to an attorney to get around the CIP restriction and made him an AIF so he wouldn't have to go through the normal CIP process. Is an AIF considered a customer under 103.121?
For a business checking with husband and wife using a Federal ID tax number, can they use business interest checking?
I have an account that was opened by an an LLC. They also are a DBA but that was not added until now. Do I need to do a new Patriot Form with the DBA on there or can I add it to the existing one, since the TIN and everything are the same? From an examiners point of view, should a new one be done or not?
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.
A lawyer that our bank in Missouri deals with from time to time is working with a successor trustee on a trust where the grantor has passed away. The lawyer told us that the successor trustee can use the old TIN (deceased grantor's SSN) because the trust is being dissolved. Also, the trust is still revocable even though the grantor is deceased. It was our understanding that once the grantor passes away, the trust either dissolves or becomes irrevocable, and that a TIN must be obtained. Is this correct or do rules differ from state to state?
We currently have three IOLTAs. One was a brand new attorney's office while the other two attorneys had existing bank accounts that we subtitled IOLTA. They all have their tax ID number for reporting purposes. Do I need to change these?
What are the CIP requirements for new signatories on an existing business account? Am I required to obtain TIN and physical address on the signatories? The business account is well established with the bank, however the signers are brand new.