Frequently Asked
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 […]
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 […]
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 […]
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. […]
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 […]
What is a Government, Indian Tribal Governments? | IRS Definition of a Government, Indian Tribal Governments
Indian tribal governments operate independently of the federal United States government, with some caveats. There are some policies that govern how and when the United States may intercede over Indian tribal sovereignty, and the rights that Indian tribal governments have with their land. This operates much like diplomatic and trade agreements. As recognition for the Native […]
What is a Government, State/Local? | IRS Definition of a Government, State/Local
In the United States, an individual or a business can fall under multiple government jurisdictions. This includes the federal government, state government, and local government, which may be comprised of a county or a borough. The government operates multiple government entities, such as departments of taxation. But at its simplest, the government itself is a system […]
What is a Community or Volunteer Group? | IRS Definition of a Community or Volunteer Group
A community or volunteer group can also be considered to be a social club. Depending on the organization of this group, it may need to be officially formed and may need its own EIN. A community or volunteer group that wants to have its own bank accounts, hire employees, and so forth, is going to […]
What is a Block/Tenant Association? | IRS Definition of a Block/Tenant Association
A block/tenant association is an association of tenants who want to work together to protect their own interests. Much like a union, tenants may band together to implement certain changes, such as getting maintenance and repairs completed in their units, and defending their own legal rights. Because tenants may need to collect money, pay legal fees, […]
What is a Farmers’ Cooperative? | IRS Definition of a Farmers’ Cooperative
Agricultural cooperatives are as old as agriculture itself. Due to many farmers having potentially tumultuous (and unpredictable) seasons, many farmers band together to share resources. It’s not always possible to tell whether a single farm could be stricken with bad weather, blight, or other unpredictable issues, so this provides a type of insurance against difficulties. […]
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