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  • 1.  Client closed corporate bank accounts but there are refunds due

    Platinum Most Valuable Member
    Posted 29 days ago

    My clients sold their business and closed their accounts.  unfortunately, there are refunds due.  If I direct deposit the refunds, can I use their personal accounts.

    I know for disbursements they don't care where the money come from.

    Thanking you in advance. 



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    Michael Rubinstein
    CPA
    Michael D. Rubinstein CPA, PC
    North Bellmore NY
    516-900-1429
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  • 2.  RE: Client closed corporate bank accounts but there are refunds due

    Posted 28 days ago

    Generally most banks will not allow you to directly a check  where the check is made out to a corporate entity into a personal account...  Check with the bank,,,if they know your client maybe they will alow him to endorse it as an officer or possibly they will suggest that he reopen another business account, deposit the checks, wait a bit until all clears and there are no potential recievables and then close the account again.

    Unfortunately this is not uncommon..  why are people in such a rush to close accounts when they could be left open with minimal balances until everything is resolved??



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    Howard Silverman
    Enrolled Agent
    silvermantaxconsult@gmail.com
    516-302-5455
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    Original Message


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