According to FIRPTA rules, the amount of tax required to be withheld cannot exceed the maximum tax liability of the seller. 1  Often times, the actual tax liability is far less than the required 15%. Upon receipt of the withholding certificate, the IRS can agree to an amount less than the standard withholding amount.
The first step is to contact the bank, preferably by phone, to notify them of the account holder's death. The bank will inform you of the forms of official notification they require before they can take action on the account.It will be necessary to comply with the particular bank's policies to close the account after death.he bank will inform you of the forms of official notification they require before they can take action on the account. It will be necessary to comply with the particular bank's policies to close the account after death.
Highlights. 1  A person's credit accounts and files should be flagged with a death indicator.. 2  The executor of the estate should notify the credit bureaus of the person's death. 3  A death indicator can be applied to an account or a collection of accounts.n executor, also called an administrator or personal representative, can obtain a copy of a deceased person's credit report by writing a letter to the credit bureau and enclosing a copy of the death certificate. And that can be done even after the file has been flagged with a death indicator, Griffin says.