We had a deposit made into an account that is an estate account. Who do we put in Section A of the CTR? We put the person who brought in the deposit in Section B.
A revocable (living) trust's settlors/trustees have resigned as trustees yet remain alive. Do new successor trustees have to apply for an EIN # for trust instead of using social security number of settlors?
We have a potential new customer who does business as a scrap dealer (appliances etc.). He receives checks made out to the name of his business. Does he need to have an account titled with the business name or can the checks be deposited into an account in his name, since it is a sole proprietorship and does not have a federal tax ID for the business? How should sole owner accounts be set up?
When we have a non-profit organization our bank titles it like "Jane Doe D/B/A as Girl Scouts Troop 55" and uses Jane's Social Security number. Where I worked at before titled accounts in the form "Girl Scout Troop 55" and used their own tax number. Can accounts be styled two different ways?
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.
Can a grantor on a trust change her social security number to a TIN without closing that account?
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.
Recently in dealing with a non-resident alien, an ITIN was presented at the time of account opening. After researching on the irs.gov website and calling the IRS, I was told that an ITIN can only be used to file a US tax return. It is not to be used for any other purpose, including opening a bank account. In your question and answer page about non-resident aliens it mentions and ITIN can be used . Please clarify.
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?