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#2100568 - 09/27/16 04:35 PM IOLTA/IBRETA
WIBanker91 Offline
100 Club
Joined: Nov 2011
Posts: 180
What name do you associate with the tax ID number for IOLTA and IBRETA accounts-the firms name or the word IOLTA or IBRETA. We had one show up on our mis-match report from the IRS and are trying to figure out what we did wrong.
Last edited by WIBanker91; 09/27/16 05:49 PM.
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#2100593 - 09/27/16 05:48 PM Re: IOLTA/IBRETA WIBanker91
Amandak Offline
Joined: Jul 2013
Posts: 80
Sorry I can help you as we do not bank IOLTAs or IBRETAs.

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#2104560 - 10/25/16 07:57 PM Re: IOLTA/IBRETA WIBanker91
Compli(cated) Offline
100 Club
Joined: Mar 2011
Posts: 185
Look at the letter from the IRS - whatever name the EIN was issued to is the name to report taxes under.
Opinions are my own.
"I was gratified to be able to answer promptly. I said I don't know." - Mark Twain

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#2104861 - 10/27/16 10:27 AM Re: IOLTA/IBRETA WIBanker91
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
If the account title reflects the name of the lawyer or law firm and you (correctly) use the EIN of the bar foundation you will get a B-Notice. Fortunately, these accounts are not subject to required information reporting, you can suppress the 1099-INT.
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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