Recently, our New Accounts has opened a few Guardianship Accounts. They have the proper documentation but we believe that the accounts may be under the incorrect social security number. What social security number should the account be filed under? Is it the Guardian (representative) or the Guardianship (beneficiary)?
A new LLC has two members (husband and wife). The husband is also listed in the Articles of Organization as the registered agent. Can the LLC account be opened under the husband's social security number?
Currently, when we receive a IRS Tax Levy, we look at the Social Security Number or EIN Number on the Levy and the name. We then research this information in our system to see if they have an account(s) and what funds are available to hold on the day the Levy is presented. We base this on the Name and EIN or Social Security Number provided on the Levy. My question is if we perform our search and determine that the primary name and Social Security number on the account does not match the Levy but the person the Levy pertains to is a signer or secondary owner to the account (Joint Account), should we hold those funds? Should this be done even if it's a Business, Minor Account, IOLTA, Escrow etc.? I would think consideration should be given to the relationship the person upon whom the Levy is presented has to the account.
If a customer opens a trust account and uses the tax ID (ss#) of one of the trustees as the tax ID number for the trust. In what name should the 1099 Int be reported? Should it be reported in the name of the individual or in the name of the trust?
Can a State Sales Tax Levy be executed on a LLC titled bank account with an EIN number? Also, does anyone investigate whether the funds in the account are SS Benefits?
What forms of documentation can be accepted to start a guardianship account that is appointed by the court?
Can a grantor on a trust change her social security number to a TIN without closing that account?
Is there any legal reason to require an individual to use their personal name on a sole proprietor account instead of the business name? I understand the mismatch issue with the IRS and the SSN, but it will not be an interest bearing account.
A customer wants to open a trust titled "The (first name) (last name) Irrevocable Asset Trust Agreement. The customer's attorney says they don't need an EIN but instead can use the SSN of the trustee. Please advise.
Who will own the funds? Account titled first line Joe Brown; second line Non-Profit Org. The Non-Profit Org. using the SSN of Joe Brown. There are two signers, Joe plus one other. I have suggested the Non-Profit Org get its own EIN, to clear up any confusion. Will the funds belong to Joe's estate at his death?