As an individual, when you declare bankruptcy, a bank account will be opened for your bankruptcy estate. This bank account will be used to manage your assets, liquidate necessary assets, pay off your debts, and dissolve your debts. Your bankruptcy trustee will be in charge of this bank account and will manage your assets for […]
An estate is likely to need its own bank account, whether it’s the estate of a deceased or otherwise. The estate’s bank account will be used to pay the debts for the estate and to collect income for the estate, such as a mortgage for an estate property, and rent for the same property. The […]
An LLC is a “limited liability company,” defined as a type of company that can either decide to be taxed as a corporation or as a partnership. This is the major advantage of an LLC; it offers some of the limited liability of a business, while still being flexible for tax purposes. The downside of […]
When managing an estate of deceased, one of the first things that you will need to get is a tax ID. A tax ID, also known as an EIN, is needed to identify the estate as a separate entity from the individual who provided the assets into the estate. Often, an estate is formed when […]
A Bankruptcy Estate (Individual) is formed when a trustee is assigned to take care of an individual’s assets. This requires that a new legal entity be made and that an EIN be obtained for the Estate of Deceased. A trustee is going to take care of the bankruptcy estate, pay off the debts they can, […]
During the process of a bankruptcy, an estate is formed to distribute an individual’s assets while also paying off their debts. This separate entity is created with an additional “Estate EIN” to distinguish itself from the individual declaring bankruptcy; it’s no longer under the individual’s SSN or ITIN. Once the process of bankruptcy has been […]
From bankruptcy estates to probate estates, there are many types of “estates” that appear to meet a general definition. An estate is a separate entity from an individual that holds an individual’s assets. As an example, a bankruptcy estate is to hold an individual’s assets during the process of bankruptcy. An estate of deceased is […]
Everyone knows a church when they see one. But what is the IRS definition of a church-controlled organization? What exactly constitutes a church for the purposes of tax code? For the IRS, a church is a place of worship for any religion. That means that it doesn’t just have to be a “church”: it can […]
Church-controlled organizations are tax-exempt organizations that are controlled by an entity that engages primarily in the act of non-profit worship and community services. Church-controlled organizations can be a part of any religion, though whether the organization is engaged specifically in religious worship may need to be determined by the IRS. A church-controlled organization can be […]
A responsible party is someone who is able to act on behalf of an entity, such as a company. When it comes to filing a Tax ID or Federal EIN Number, the responsible party is the person filing for the EIN on behalf of the company and the person who is responsible for any questions […]
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