Frequently Asked
How to Open a Bank Account for a Bankruptcy Estate (Individual)
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 […]
Does a Block/Tenant Association need a Tax ID (EIN)?
A block/tenant association will usually need an EIN, though it’s not strictly a requirement. An EIN is something that is optional that a block/tenant association can acquire after formation, but without an EIN it would be impossible for the association to: create business bank accounts, hire employees, get permits and licenses, acquire lines of credit and loans, […]
Does a Memorial or Scholarship Fund need a Tax ID (EIN)?
A memorial or scholarship fund is a separate investment entity that holds its assets to disburse to those who are awarded scholarships. Many people will make a memorial or scholarship fund in memory of someone close to them who has passed. This scholarship fund might give small amounts out to many recipients, large amounts out […]
.Does a Guardianship need a Tax ID (EIN)?
Also known as a conservatorship, a guardianship occurs when an individual is no longer able to make sound financial and legal decisions on their own behalf. When a guardianship occurs, the guardian themselves do not take hold of the assets, they merely control the assets. The assets still fall under the individual’s own SSN/ITIN, so no […]
Does a Sports Teams (community) need a Tax ID (EIN)?
Most community sports teams will eventually need a tax ID. An informal sports team that simply meets and plays games will not. But a sports team that collects membership dues and fund raises, and hires employees (such as coaches), is going to have to have a tax ID. A tax ID is also known as […]
Does a Joint Venture need a Tax ID (EIN)?
Joint ventures are an interesting type of partnership under which two or more entities agree to pool their resources in order to accomplish an intended goal. The entities involved remain legally distinct and are able to maintain their own tax returns under their own social security numbers or ITINs, but they are known to be working together, […]
Does a PTA/PTO or School Organization need a Tax ID (EIN)?
PTAs and PTOs are both parent-teacher organizations. A “PTA” is a Parent Teacher Association that operates specifically under the national PTA. They pay dues to the national PTA and operate under the PTA’s guidelines. A “PTO” is a Parent Teacher Organization that is not affiliated with the national PTA. Either way, both PTAs and PTOs will need […]
Does a REMIC need a Tax ID (EIN)?
REMIC stands for Real Estate Mortgage Investment Conduit. It’s a special type of investment that is backed by real estate, and consequently tends to be less volatile than other forms of investment (though there have still been crashes). A REMIC consists of mortgage securities that have been repackaged, so that investors are able to invest in […]
Does a Political Organization need a Tax ID (EIN)?
A political organization generally refers to a group that is intended to support an individual candidate in their run for office. These organizations are non-profit groups that need to be filed with the IRS, and will consequently still need a tax ID. Political organizations may have to hire staffers, in which case the tax ID […]
Does an IRA need a Tax ID (EIN)?
An IRA usually does not have its own EIN. Instead, it’s reported under the social security number of the person who owns it. Since IRAs are individual and independent retirement accounts, they are owned by the person contributing to it. But there are some exceptions to this rule, the most notable being if you have […]
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