Thread Options
#2003082 - 03/20/15 07:29 PM Changing Account Name and EIN
cforst Offline
New Poster
Joined: May 2010
Posts: 3
We have an account for an individual that was previously opened with an TIN. The person died and now the family needs to have an estate account. Can the same account be used for the estate when both the name and EIN are changing? We are not sure if this is a best practice.

Return to Top
Deposits and Payments
#2003087 - 03/20/15 07:30 PM Re: Changing Account Name and EIN cforst
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,400
I would believe the best practice would be to open a seperate account.

Return to Top
#2003119 - 03/20/15 08:28 PM Re: Changing Account Name and EIN cforst
Sunshine Lady Offline
Platinum Poster
Sunshine Lady
Joined: Apr 2014
Posts: 623
I agree with osucpa. We always close the old account and open a new one using the estate EIN.
_________________________
Define Success on your own terms, achieve it by your own rules, and build a life you are proud of. Anne Sweeney

Return to Top
#2003128 - 03/20/15 08:40 PM Re: Changing Account Name and EIN cforst
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,272
Galveston, TX
Makes it a lot cleaner if you have to do IRS deposit interest reporting also.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2003340 - 03/23/15 05:02 PM Re: Changing Account Name and EIN cforst
cforst Offline
New Poster
Joined: May 2010
Posts: 3
This was my gut feeling, but I needed verification. Thanks!

Return to Top

Moderator:  John Burnett