To open a bank for an S-corporation, you should first collect all your corporation documents. Make an appointment with a business banker at the bank of your choice, and go in with all majority shareholders of the business. Those who are going to be able to withdraw funds from the bank account will need to bring […]
An S-corporation is a type of small business corporation that has what’s known as “pass through income.” The income simply passes through from the S-corporation into the business owners themselves, and the business owners become responsible for any profits and losses for the business. S-corporations are chosen because the funds involved aren’t taxed twice. Instead, the […]
Personal services corporations are special types of corporations in which the company’s owners themselves provide at least 20 percent of the company’s own services. Accountants, lawyers, and medical professionals (and other clinicians) often establish personal services corporations. The founding partners may provide 20 percent of the company’s services, and other members may provide the rest. The chief […]
Irrevocable trusts are frequently used as inheritance vehicles, to reduce taxation and to control the allotment of funds to children, grandchildren, and even charities. When a grantor sets up an irrevocable trust, they put assets (cash, stocks, bonds, real estate, or anything else) into a trust account, and then they state how that money will […]
When someone passes on, their social security number is retired. A final tax return is filed, and that’s it. So, an estate of deceased is going to need a tax ID / EIN number of its own, because it can no longer use the deceased’s number. A deceased’s estate may carry on for some time, […]
You can file for a tax ID (also known as an EIN) either during the process of establishing your corporation or once your corporation has been established already. Sometimes a corporation can exist for some time before they need a tax ID, because a tax ID is prompted by a number of things: hiring an […]
When a company goes into bankruptcy or intense restructuring, it’s often placed in receivership. A receivership means that a third-party is responsible for the company and getting it back into shape, with the goal of restoring its profitability and paying off or restructuring its debt. At the end of the receivership, the company is able […]
In reality, there are two answers here. Yes, a revocable trust needs a tax ID. But it doesn’t need its own tax ID. A revocable trust uses the social security number of its grantor as its tax ID. A grantor will place assets into the revocable trust, and their SSN will be used for tax […]
A revocable trust, by definition, is a trust account that can be revoked. Specifically, trust accounts are accounts in which grantors deposit assets for the benefit of a beneficiary. Trust accounts can be quite simple, such as a trust account holding $100,000 for a grandchild until they become 18. Trust accounts can also be more […]
A personal services corporation is likely to need a tax ID, but there are some exceptions. If you’re currently running a personal services corporation as the sole owner (sole proprietor) and you have no other employees, then you don’t need a tax ID. Your tax ID when filing your taxes will be your own social […]
Gov Easy LLC is an Authorized E-File Provider and helps clients obtain Federal Tax ID Numbers from the IRS. We are a business-to-business (B2B) application assistance and filing service and are not affiliated with the IRS or any other federal or state organizations. We do not provide legal, financial or other professional advice. We are not a law or an accountancy firm nor are we affiliated with either. Users are able to obtain a Tax ID number on their own by working directly with the IRS, but they will not be able to use the streamlined application process or engage with e-mail support.