06/07/2010
We have a customer who wants to establish an estate account for his mother's estate. He is the trustee of her trusts, and the trust says that at her death, he can distribute the trust as required, etc. However, he does not have documentation that says he is the executor of the estate. Does he need separate documentation on that or will the trust papers suffice? He does have an EIN under the estate showing him as the personal representative.
04/12/2010
We have a husband and wife partnership account which doesn’t have a written formal agreement. It has an EIN; does this qualify as a NOW Account? I say no but they want proof.
04/05/2010
I am reviewing a trust where two individuals are the trustees of a Revocable Trust for their mother. The two individuals, trustees, want to add their mother and a sister as agents. The trust agreement allows for the appointment of agents. They want thier mother's social security check to go into this account that is using a #38 TIN that is not the mother's social security number. Will there be a problem with a direct deposit of social security going into a trust account where the TIN on the account is not the social security number of the person receiving the social security benefit?
03/29/2010
How should I report closing an IRA due to death of the owner when the funds are going to her estate?
03/15/2010
With a single member LLC using a SSN of the member, and that person passes away, how should the account be handled or restructured? Is it like a partnership that ceases at death? Can the LLC continue to do business indefinitely using this deceased persons SSN?
03/08/2010
I read the following Guru Q&A: <a href="http://www.bankersonline.com/operations/guru2008/gurus_op031708c.html">EIN & SSN - Same Number?</a>, regarding overlapping EIN & SSNs. Where can you find on IRS website that it specifically states that EIN and SSN won't overlap?
03/01/2010
Is there a special ruling or documentation required for accounts held in Nursing Home facilities that claim to be Resident Trust accounts? The example I have is an LLC DBA Nursing Home that wants to title the account with Resident Trust and deposit and withdraw for the benefit of the resident. They also want to earn interest on these funds. It has always been my understanding that the eligibility for NOW interest is based on the EIN being used for reporting.
03/01/2010
What is the proper way to title an IOLTA account? What CIP information is needed?
01/04/2010
The bank has received a levy for a taxpayer. The name on the levy is styled as: John Doe DBA Doe's Auto Sales. The tax id number on the levy is an EIN, not John's SSN. We do not have any accounts for the business, but we do for the owner, in his social security number. Does the levy on the business extend to his personal account since it is a DBA?
11/30/2009
When opening an IOLTA account, can it be a "doing business as" account or does the law firm have to have an EIN number?