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Old 11-03-2007, 02:09 PM
 
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Can a sole proprietor be paid via direct deposit in NY? A client who always said no, now suddenly says yes. Did not notice any changes in NY law regarding same.
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Old 11-03-2007, 02:44 PM
 
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Do you want your client to pay you via direct deposit or do you want to pay yourself via direct deposit? Either way, it shouldn't matter as far as the IRS is concerned.
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Old 11-03-2007, 03:43 PM
 
Location: Colorado, Denver Metro Area
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Sure. I do not see why not?
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Old 11-03-2007, 04:02 PM
 
Location: in drifts of snow wherever you go
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Quote:
Originally Posted by fopt65 View Post
Can a sole proprietor be paid via direct deposit in NY? A client who always said no, now suddenly says yes. Did not notice any changes in NY law regarding same.
Yes, of course. Why not? It's just another way of issuing a check. I'm an SP and I get paid by DD all the time...

Greenie
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Old 11-03-2007, 06:39 PM
 
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Thanks for the info. THis client always stated that they couldn't do it in the past as "it was against the law", but now with a new CFO they are looking to do it. I'd love to have dd, it would make my bank account more liquid and help ease some cash flow.
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Old 11-03-2007, 06:54 PM
 
Location: in drifts of snow wherever you go
2,493 posts, read 3,257,725 times
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Quote:
Originally Posted by fopt65 View Post
Thanks for the info. THis client always stated that they couldn't do it in the past as "it was against the law", but now with a new CFO they are looking to do it. I'd love to have dd, it would make my bank account more liquid and help ease some cash flow.
It's not against the law. That's silly.
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Old 11-04-2007, 07:53 AM
 
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That is the only way the Feds now pay standard contracts to Sole Props or Corps. You have to have the payment routing set as part of the contract documents.

One caution -- if you are concerned the payer is at all hinky -- many direct deposit agreements allow the payer to pull money back. To prevent this, if you do not fully trust a payer, get a second bank account in a different bank to receive such payments.

After you are paid, pull the money out in cash and take it to your usual bank. This eliminates the path that the money can be pulled back.
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