|
It is shocking that we
have celebrated the 200th anniversary of
the United States Constitution without
yet assuring equal access to justice in
our land.
Congressman
Benjamin L. Cardin |
iolta
enrollment . . .
Enrolling in IOLTA is easy and
participation is free!
Joining
IOLTA doesn't
affect the administrative duties of
managing a trust account. After conversion
to an IOLTA account, the only change is
that the account will generate interest.
That interest will be reflected on
your bank statement as having been
earned and paid to the IOLTA program.
There are no tax consequences for
you or your client. Interest earned and
paid on IOLTA accounts is reported to the
Internal Revenue Service via a Form 1099
generated by the financial institution and
bearing the Center's taxpayer
identification number.
To enroll, just complete and submit the
the
attorney authorization form. This form
instructs your financial institution to
convert your existing trust account to an
interest-bearing IOLTA account. If you
don't currently have a trust account, by
completing the same easy form, you can
open one and establish it as an IOLTA
account. Nearly all New Mexico financial
institutions are cooperating partners in
the IOLTA program. However, if you want
to open an IOLTA account at a
non-participating institution,
contact the IOLTA
program.
|