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.
Are funds held as collateral exempt from an IRS levy, or do these funds need to be included in the bank's response to the IRS levy received?
I have a PLLC opened with a husband and wife. It is in the wife's social security number. They both want to leave that way. Can they do this?
I have two forged endorsement claims from another FI. It is within the time frame of three years, and appears that the checks, payable to a husband, wife, and a contractor, have a forged signature of the contractor. I actually spoke to the victim/contractor, and he states that at no point were any of these funds were due to him. He filed this claim because the IRS says he owes taxes on this money earned for a job, that he never did! I want to deny the claim (over $12,000), since this seems more of a civil situation, but the facts don't lie. The contractor's signature is forged. What do I do?
I work in the BSA Department. My bank was just acquired by another bank and we found a customer of theirs who runs a factoring company under his personal TIN. His activity consists of depositing checks payable to other businesses (in the week period I have access to - databases not merged yet - the checks range from $25 to $12,500) and withdrawing cash (about $250,000/month) to pay his clients. From what I can tell, based on online research, the debtor businesses should be remitting payment directly to the factor, not the original vendor, and the factor should not be dealing in cash in any way. It appears that he may be acting as an unregistered check casher for businesses. How can I determine if this is the case? Do you agree that he should not be depositing third party business checks?
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.
Can an LLC have a NOW account?
We have an LLC with two members (husband and wife) and they would like to use a Social Security number for the account. In the literature from a recent webinar, it mentions that only a single member can use a Social Security number. We are speaking to the CPA for the LLC, and he is telling us that if the LLC is a "disregarded entity", that a Social Security number is acceptable. Is this correct? If so, what paperwork will we need to comply with all of our requirements if we are to allow this entity to use a Social Security number?