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CTR - DBA Account

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Question: 
How should a CTR be completed for DBA account?
Answer: 

FinCEN issued a ruling on February 10, 2006 (FIN-2006-R003) http://www.fincen.gov/FIN-2006-R003.html that calls for two Section A entries for sole proprietorships. One of these entries should be for the individual and include his or her SSN (or other TIN for the individual), residential address, DOB, etc. The second entry should be for the business. In this case, the name of the individual would be used in this entry and the DBA designation for the business would be included in item 5. The business's street address and EIN (if there is one; otherwise repeat the TIN for the individual) are used in this entry. Of course, this will also require that you select the Multiple Persons box in item 1 of the form. Assuming that the business owner makes the deposit, listing his individual data in Section A on the front of the form allows you to check "conducted on own behalf" in Section B, leaving the rest of Section B blank.

First published on BankersOnline.com 2/12/07

First published on 02/12/2007

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