02/14/2011
We have an account in a single member LLC under an EIN and the person is now deceased. How are the funds distributed?
11/08/2010
If a sole ownership is to be opened, using an EIN, does it matter what order the name lines are in at the account level as long as the tax reporting is under the EIN? We are thinking: 1. Sally Joe ... 2. DBA Sally Joe Crafts EIN and tax reporting Line is #2.
11/08/2010
Can a trust account using an EIN be established as a personal checking/savings account? Does it matters which product type is used?
10/25/2010
The customer signed for the EIN for his DBA account. If we open an account under the customer's name, it might affect his taxes. How do we title the account, so that the taxes are done correctly and they are filed under the EIN, not his personal SSN. [Jane Doe - SSN(the owner_ DBA Jane Doe -EIN]
10/25/2010
What is the correct ownership on a checking account with husband and wife DBA Smith Lawncare? Both own the funds.
10/25/2010
Can a DBA business account having more then one employee report under a SSN and not a TID?
10/18/2010
We received a check from another institution as an IRA transfer, titled "Our Bank FBO John Doe Estate SEP IRA BENEF of John Doe SEP IRA. John Doe, DOD 02/25/2008 and in RMD; Jane Doe, Spouse and Sole Beneficiary of original SEP IRA, DOD 12/31/2001. The beneficiary of John Doe's estate is Baby Doe - Irrevocable Trust with Baby Doe as Sole Trustee. Baby Doe is also the executor of John Doe's estate. Can I accept these funds as a transfer? Shouldn't this have been set up as an inherited IRA titled "Baby Doe Trust, Beneficiary of John Doe Estate, Inherited SEP IRA" PRIOR to transfer to our bank by check? I confirmed it was sent out as transfer using the trust EIN. I have no idea how to set this up, or if I can even accept these funds payable in this manner.
09/20/2010
I have a funeral home that wants to open a checking account titled "ABC Funeral Home Prepaid Trust", and they gave me an EIN for that, but they do not have any type of documents other than an outside audit form. This account would be an account into which all prepaid funeral expenses for numerous clients would go. What type of documents would I need to make sure I have everything for compliance?
09/20/2010
A customer died on June 15th with no beneificary, and no estate account has been set up. How soon does the IRA need to be transferred to the estate?
08/09/2010
We have a customer who runs an insurance agency titled under his name,(John Doe, Agent). If he wants to open an account so that the premiums he collects on behalf of certain companies can be swept out by ACH on a regular basis, how should it be set up? He is a sole proprietor; should he have access to the funds, TIN or SSN for the account? He wants "trust account" in the title. What if he receives an IRS levy, could these funds be taken? Please let me know the appropriate way to set up this account type.