CTR Returned

Question:

We had a CTR returned to us for a name/TIN mismatch. The CTR was filed on a charitable organization. We have conflicting information in our records pertaining to the TIN. We have not been able to get in contact with the individual who opened the account or the charitable organization itself. Time is running out on getting the correction back to the IRS. What are our options?

Answer:

The letter I have seen does not specifically ask for a correction, just any additional information you may have. To get it off your list I would respond and tell them about whatever additional information I had, and my unsuccessful attempts to contact the customer.

If you ever do get the customer to cooperate, he can oftentimes call the 800 number listed on the EIN application and the IRS representative will help them work out the name/TIN discrepancy. The IRS reps usually will not talk to a banker, only a representative of the organization.

First published on BankersOnline.com 11/23/09