Do banks notify the IRS when you open a business bank account?

Written By: admin on September 4, 2009 One Comment

I am starting a small home business as a sole-proprietorship (DBA), and will be using my social security number in lieu of a federal tax id. I was just curious if bank reporting policies were different for business accounts from those of personal accounts. Thanks!

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One Response to “Do banks notify the IRS when you open a business bank account?”

Debbie W on: 4 September 2009 at 4:40 pm

No. They only, maybe, report any transaction over $10,000. 00.

You will need to get a Fed Tax ID if you are going to continue in business with income over $6,000.00

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One Response to “Do banks notify the IRS when you open a business bank account?”

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