07/18/2011
Levy-related: The IRS provides an alternative on Form W-9 for individuals to provide an SSN or an EIN. I believe FIs are required to obtain an SSN for an individual as her/his TIN and so the issue is not applicable from an FI perspective. As a non-FI in a trade or business receiving W-9s where an individual has opted to provide an EIN rather than an SSN, a levy may identify an individual by SSN such that we cannot guarantee that the levy is for the same individual (two people with the same name). Giving the volume of levies that FIs deal with, I am hoping you may have guidance regarding the identification of the taxpayer in the circumstance I have described.
02/21/2011
Is an EIN required to open an account such as a class reunion account, or is it ok to use the SSN of the signer?
01/10/2011
A lawyer that our bank in Missouri deals with from time to time is working with a successor trustee on a trust where the grantor has passed away. The lawyer told us that the successor trustee can use the old TIN (deceased grantor's SSN) because the trust is being dissolved. Also, the trust is still revocable even though the grantor is deceased. It was our understanding that once the grantor passes away, the trust either dissolves or becomes irrevocable, and that a TIN must be obtained. Is this correct or do rules differ from state to state?
07/12/2010
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.
07/05/2010
We have a customer who owns a business that is listed as a sole proprietorship with its own EIN. A man and wife own this business. They have several direct deposit accounts with us, one of them being a personal money market account. The only transactions that seem to go to the account are ACH credits for the business. These ACHs go on daily, with sometimes large amounts. I guess what I am wondering if this is OK. Shouldn't the ACH for the business be going to the business account?
06/21/2010
Do PACs (political action committees) need to have their own EINs, or can a member use his SS number?
10/18/2004
If a sole proprietorship account is styled Jane Doe dba Jane's Jeans, we would use Jane Doe's SSN for the tax ID. If Jane's Jeans has its own EIN, should the account be styled the same? I always understood the first name on the legal title should match the tax ID number.
10/04/2004
What is an S-Corporation? What is a personal corporation? What is the difference? What TIN can be used for each, SSN or EIN? Can you have an "Inc." with only one officer, who is president, vice-president, secretary and treasurer?
09/06/2004
Our bank has opened an account for a nonprofit organization. However, they can find no EIN number or they have never had one. The account is not interest-bearing. Do we need an EIN for this group? As far as I know, the bank where they previously had an account does not have an EIN number for them. They have marked the EXEMPT box on the signature card.
09/08/2003
Are there situations in which an estate would not be required to obtain an EIN? If so, do we use the administrator/executor's SSN? And, can it continue to be an estate account?