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Depositing A Corporate Check Into A Personal Account

Answered by: 
Barbara Hurst

Question: 
If a check is issued to a Company that I own. Can I endorse the check and deposit it into a personal checking account? I fully intend to report it as revenue for the company but I have so few banking transactions that I don't want to tie up money in a seperate company checking account.
Answer: 

The bank that handles your accounts should not allow you to deposit a check payable to a Company into a personal account. It increases their liability on the check. Unfortunately, even if you intend to declare the income as revenue for the company, the IRS looks upon such business transactions as tax evasion. Deposit the check into your business account, draw a check on that account and deposit it into your personal account and you'll have no problem with either the IRS or your bank.

First published on BankersOnline.com 12/3/01

First published on 12/03/2001

Filed under: 
Operations
Filed under operations as: 
IRS
IT

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