How are most of you titling and assigning SSN/TIN and ownership to IOLTA accounts? We've got some that are under the name and ssn of the lawyer, and some that are under the name of the state bar association (with the lawyer's name on the second line) and the TIN of the bar association. So on some, the lawyer 'owns' the account and on others the IOLTA 'owns' the account.

Ours are under the name of the State Bar Association, Lawyer's name on the second line & the TIN of the state bar association.

^^^What he said

This is a State law issue.

Oftentimes the Bar Association has a publication designed for banks to assist them in setting up these accounts. You may need to call them because I could not find anything on their web site. Keep in mind, it's the attorney who is the regulated party, not the bank. It is the lawyer's responsibility to make certain the account is set up correctly.

While the Foundation's EIN is always the appropriate TIN for the account, bankers oftentimes mistakenly believe that requires them to mention the Foundation in the account title for IRS "matching" purposes. That is not true because the accounts are exempt from information reporting.