IRS Tax ID (EIN) Application

Frequently Asked Articles

117 ITNS FAQ ENTITY NPO What is a REMIC IRS Definition of a REMIC

What is a REMIC? | IRS Definition of a REMIC

A REMIC is a Real Estate Mortgage Investment Conduit. It’s a fairly complicated type of investment that is most easily understood as a way by which investors are able to invest in mortgages and mortgage-backed securities. Real estate mortgages and mortgage-backed securities are packed up, and then they can be sold and resold. Because the REMIC […]


116 ITNS FAQ ENTITY NPO What is a IRA IRS Definition of a IRA

What is an IRA? | IRS Definition of an IRA

An Independent Retirement Arrangement (IRA) is a way that individuals can set aside dollars, usually pre-tax, towards their eventual retirement. This is different from Employer Plan 401K, Money Purchase Plan.  By setting aside money pre-tax, they can allow it to grow far more than they would have otherwise been able to. There are multiple types […]


112 ITNS FAQ ENTITY S-CORP Where Can I Find an S-Corporation Tax ID Application

Where Can I Find an S-Corporation Tax ID Application?

You’ve started an S-Corporation and you need a Tax ID application. In fact, you need it as soon as possible; you can’t hire employees without it, you can’t open business bank accounts without it, and you definitely can’t file your taxes without it. Finding a Tax ID application isn’t a problem. The Tax ID application is available […]


110 ITNS FAQ ENTITY NPO What is a Employer Plan 401K Money Purchase Plan etc IRS Definition of a Employer Plan 401K Money Purchase Plan

What is an Employer Plan (401K, Money Purchase Plan, etc.)? | IRS Definition of an Employer Plan (401K, Money Purchase Plan, etc.)

An employer plan is an employer-provided type of retirement, pension, or contribution plan. Many employers provide these types of benefits to employees as a way of increasing their total benefits package, and keeping their employees happy and financially stable. An employer plan can range from a traditional 401k to a money purchase plan. Either way, it’s […]


109 ITNS FAQ ENTITY NPO What is a Homeowners Condo Association IRS Definition of a Homeowners Condo Association

What is a Homeowners/Condo Association? | IRS Definition of a Homeowners/Condo Association

A Homeowners Association or Condo Association is an organization formed out of homeowners within a specific development, or condo owners within a specific condominium complex, to create and enforce rules on the property. An HOA or CA (also known as an Apartment Owners Association or AOA) will have a board that oversees it, will collect […]


105 ITNS FAQ ENTITY TRUST Why Do I Need an EIN Number if I have a Trust

Why Do I Need an EIN Number if I have a Trust?

First: You might not. But you probably do. If you have a revocable trust, you don’t need an EIN Number. Instead, you can use your own social security number for the trust. But having a revocable trust is also a bit of a double-edged sword, because while you still have control over your assets, you’re […]


101 ITNS FAQ ENTITY TRUST Why Should a Trust Apply for a Federal Tax ID

Why Should a Trust Apply for a Federal Tax ID?

There are a wide spectrum of trust accounts, from living revocable trusts, to funeral trusts. But the basic rule of thumb is: If you are putting money into a trust, and you aren’t going to be responsible for the taxes, then that trust needs a federal tax ID. While this is a simplistic point of view […]


97 ITNS FAQ ENTITY TRUST What is a Pooled Income Fund IRS Definition of a Pooled Income Fund

What is a Pooled Income Fund? | IRS Definition of a Pooled Income Fund

A pooled income fund is a special type of income fund in which multiple donors donate to charity together. Both the donors and the charities are able to benefit from this type of arrangement. Pooled income funds are managed by charities, usually, and because they are separate from the charity’s own assets and the donor’s assets […]


94 ITNS FAQ ENTITY TRUST What is a Charitable Lead Annuity Trust IRS Definition of a Charitable Lead Annuity Trust

What is a Charitable Lead Annuity Trust? | IRS Definition of a Charitable Lead Annuity Trust

There are many types of charitable trusts available, depending on whether a donor wants to maintain their assets moving forward, or whether they would prefer to have regular payments given to their beneficiaries. A charitable lead annuity trust holds a donor’s assets within a trust account, managed by a trustee, and then sends payments to […]


93 ITNS FAQ ENTITY TRUST What is a Custodianship IRS Definition of a Custodianship

What is a Custodianship? | IRS Definition of a Custodianship

Custodianship has a fairly broad definition. Any time an individual takes control of another person’s assets for their benefit, it’s considered custodianship. For example, a custodian could be a bank that protects the individual’s money, or a financial advisor that invests the money for them. Custodians don’t take ownership of the funds, but they do take […]


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