Bank account question

Emanresu · #1 10-18-2010

I am not really sure which section this question should be in. Please feel free to move it if I am in the wrong section.

If I have an LLC or corporation with the Tax ID Number and I open the bank account using that number, I understand that the bank will want to check my SSN to make sure that I am a real person opening the account. Will the bank leave the SSN connected to the account? Or is the SSN just used to verify the person when opening the account.

Any help is appreciated.

Thanks.

First Edition · #2 10-18-2010

Connected in what regard? I know the answer to this question... but I need more info

Emanresu · #3 10-18-2010

Quote:

Originally Posted by First Edition

Connected in what regard? I know the answer to this question... but I need more info

Connected as if someone was looking for all accounts that you have by your SSN.

Lets say Emanresu has multiple bank accounts, retirement accounts, investment accounts, and whateverelse accounts. Lets say Emanresu gets a divorce or gets sued or has some other issue where he wishes to keep some of his funds separate from his name (he would still report the income for tax purposes). Would the business accounts show up in a search for Emanresu's SSN?

I know that when Emanresu purchases a vehicle and gets the license plates they ask to see the personal ID but use the tax ID number on the vehicle registration. So there is no record directly back to Emanresu's SSN.

Does that explain it better?

First Edition · #4 10-19-2010

Lets say someone is me. I can't see anything. Ever.

Lets say someone is the IRS. Well.... they can see everything. Now, lets say you have a tax garnishment placed on your accounts. typically, When the IRS places a garnishment on your personal accounts, your business accounts remain untouched. however, that is not always the case.

Who's searching the SSN though? The IRS can see where you filed form SS-4 to obtain a Tax ID... but I couldn't. Your wife couldn't, neither can paypal. Does that make sense? No one has a database where they can just enter a social and everything you do shows up. Not even the IRS. But... if they ask, and you lie, or "forget" to divulge anything, that's a crime.

The vehicle you purchased is still owned by you, and if the IRS wanted to take it to sell at auction to help pay for your back taxes, it will be taken. Regardless of what Tax ID it is registered under... although, for vehicle registration or titling purposes, a social security number is not needed.