02 May 2016

Successor Cases: Dig Up Original TINs (If Any) Before Requesting New Ones

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When managing your cases, you should always ensure that the root information for each estate is accurate and secure, especially its Tax Identification Number (TIN). If you are a successor trustee to a case, double check if the case already has a TIN before requesting a new one from Rabobank in order to avoid duplicates.

According to the Chapter 7 Handbook, an individual debtor and the bankruptcy estate should be treated as separate taxable entities, which means that the estate requires a separate TIN. If you request a TIN for an estate that already has a TIN assigned, a duplicate will be created—which will cause problems when you file tax returns for the estate.

If you are not sure whether the estate of a successor case already has been issued a TIN, you can check with the IRS.

If the successor case already has a TIN, you can access this information from the former trustee or your local UST office. If the former trustee was a client of BMS, the TIN would be on file with BMS and you can request this information from the BMS Banking Center.

If you have any questions, please contact the BMS Banking Center at 800-634-7734 or banking@bmsadvantage.com.