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Designation of Exempt Person

Question: 
Can a business customer be exempted on the same Designation of Exempt Person form for more than one tax ID number, or does each TIN need its own exemption and own form?
Answer: 

TINs are not reliable as the sole method for determining the number of DEP filings required. Look at the number of entities involved; i.e., look at each account and see how it is documented. Is the owner a sole proprietor, a corporation, etc.? You need one DEP filing for each entity.

First published on BankersOnline.com 9/6/04

First published on 09/06/2004

Filed under: 
Compliance
Filed under compliance as: 
ID
IT
TIN

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