IRS Tax ID (EIN) Application

Frequently Asked Articles

What is an Irrevocable Trust? | IRS Definition of a Trust

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 […]

Why Does an Estate of Deceased Need a Tax ID / EIN Number?

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, […]

Where Can I Find a Corporation Tax ID Application?

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 […]

Does a Receivership need a Tax ID (EIN) Number?

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 […]

Does a Revocable Trust need a Tax ID (EIN) Number?

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 […]

What is a Revocable Trust? | Definition of a Revocable Trust

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 […]

Does a Personal Service Corporation need a Tax ID (EIN) Number?

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 […]

What is a Personal Service Corporation?

Lawyers, accountants, and even veterinarians can all be considered personal services corporations. Under personal services corporations, the entire business is situated around providing a service to individuals or businesses. Often, a personal services corporation is a sole proprietor or some form of partnership, and either way, the majority of the services will be provided by […]

Does an Irrevocable Trust Need a Tax ID (EIN) Number?

An irrevocable trust can be formed in a few ways. It can be created as an irrevocable trust, it can originate as a revocable trust, or it can automatically switch to an irrevocable trust upon the passing of its originator. Regardless, once a trust becomes irrevocable, it is no longer in the hands of the […]

Does a Trust Need a Tax ID (EIN) Number?

There are two major types of trust: revocable and irrevocable. A revocable trust is a trust that can have its conditions changed after it’s been formed. A grantor may decide that the trust is going to be dissolved, or may make changes to the beneficiaries and the amounts give. An irrevocable trust is a trust […]

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