IRS Tax ID (EIN) Application

Frequently Asked Articles

158 ITNS FAQ ENTITY TRUST Does a Settlement Fund under IRC Sec 468B need a Tax ID EIN

Does a Settlement Fund (under IRC Sec 468B) need a Tax ID (EIN)?

Settlement funds can be very complicated. A company may be required to pay a $5 million settlement towards those claimants who were affected by its product, but it may not know whether there are 500 or 5000 claimants. The settlement fund ensures that the entirety of the $5 million is set aside and that every […]


157 ITNS FAQ ENTITY TRUST What is a Charitable Lead Unitrust IRS Definition of a Charitable Lead Unitrust

What is a Charitable Lead Unitrust? | IRS Definition of a Charitable Lead Unitrust

If a donor wants to donate money to charity, but doesn’t want to sell off their assets, they can instead create a charitable lead unitrust. Under a charitable lead unitrust, the donor puts their assets in a trust, and the trust pays out money to the charity every year. As an example, a donor might put […]


156 ITNS FAQ ENTITY TRUST Does a Pooled Income Fund need a Tax ID EIN

Does a Pooled Income Fund need a Tax ID (EIN)?

Multiple donors are able to donate to charity at once through a pooled income fund, which provides tax benefits to donors while also letting them donate to charitable organizations. A pooled income fund requires its own tax ID, also known as employer identification number, because it isn’t under the control of any of the donors or […]


154 ITNS FAQ ENTITY TRUST What is an Irrevocable Trust IRS Definition of a Irrevocable Trust

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

An irrevocable trust is a trust that cannot be removed or modified by the individual who originally set it up. Commonly, irrevocable trusts are created as part of a will; it cannot be modified because the individual who provided the assets is deceased. But an irrevocable trust can also be made during someone’s lifetime, they […]


151 ITNS FAQ ENTITY TRUS Does a Qualified Funeral Trust need a Tax ID EIN

Does a Qualified Funeral Trust need a Tax ID (EIN)?

Many people worry about talking with their family regarding their final arrangements. But final arrangements can also be made before someone passes, to ease the burden on family and friends. With a qualified funeral trust, an individual is able to pay for and plan their final arrangements in advance. The funds are kept in a QFT […]


150 ITNS FAQ ENTITY TRUST What is a Receivership IRS Definition of a Receivership

What is a Receivership? | IRS Definition of a Receivership

A receivership is a third-party, appointed by a court, that helps creditors recover funds during a process such as a restructuring or a bankruptcy. The goal of receivership is to ensure that the company is able to successfully pay off as many of its debts as possible, and that the creditors are able to recover their […]


148 ITNS FAQ ENTITY TRUST What is a Guardianship IRS Definition of a Guardianship

What is a Guardianship? | IRS Definition of a Guardianship

Guardianship happens when an individual is not able to take care of their own financial assets. A guardian is assigned to help them manage their assets for their own benefit. As someone ages, for instance, they may not be mentally capable of managing their home or their estate. A guardian would keep the bills paid and […]


147 ITNS FAQ ENTITY TRUST What is a Qualified Funeral Trust IRS Definition of a Qualified Funeral Trust

What is a Qualified Funeral Trust? | IRS Definition of a Qualified Funeral Trust

A qualified funeral trust is a special type of trust account meant to pay for an individual’s funeral expenses. An individual can create an arrangement with a funeral home in advance, so that the funeral home has the money for their final expenses, but these funds are expressly held aside. Otherwise, it would be too easy […]


145 ITNS FAQ ENTITY NPO What is a Memorial or Scholarship Fund IRS Definition of a Memorial or Scholarship Fund

What is a Memorial or Scholarship Fund? | IRS Definition of a Memorial or Scholarship Fund

A memorial or scholarship fund is a special type of fund that is created in remembrance of someone else to pay future tuition. A scholarship fund is a special type of trust that is setup to deliver scholarships to qualifying individuals, with the person who setup the fund able to create their own qualifications and selection process. […]


143 ITNS FAQ ENTITY NPO What is a GNMA Ginnie Mae IRS Definition of a GNMA Ginnie Mae

What is a GNMA (Ginnie Mae)? | IRS Definition of a GNMA (Ginnie Mae)

GNMA, known often as Ginnie Mae, is the Government National Mortgage Association. Established in the 1960s, GNMA makes it possible for mortgages to be resold on a secondary market. In doing so, it encourages lending, and boosts the rate of American homeownership. In the past, this has led to some economic issues, as large numbers of […]


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