Sole proprietorship owned jointly by spouses

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Question:

If our state allows spouses to jointly own and operate a sole proprietorship business without forming a partnership, will we treat a sole proprietorship account as a joint account when filing a CTR for a reportable transaction of the business?

Answer:

Not under the new filing instructions. You will provide Part I identifying information on the spouse whose SSN is attached to the sole proprietorship. But if you did not implement the February 2020 changes on sole proprietorship reporting, you can report the transaction(s) as you would for a joint account.

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