Frequently Asked
What is a Household Employer? | IRS Definition of a Household Employer
A household employer is an individual who employs people around their home, such as maids, gardeners, and babysitters. This is not what is traditionally thought of as an “employer,” but it is still an employer. Usually a household employer pays someone on an independent contractor basis, but that’s not always true: a household employer can withhold tax from […]
What is an Employer/Fiscal Agent (under IRC Sec 3504)? | IRS Definition of an Employer/Fiscal Agent (under IRC Sec 3504)
A fiscal agent is generally a bank or other financial institution that takes financial action on behalf of another entity, usually a non-profit organization or charity. As non-profits and charities may not be well-versed in making their own investments or building their own financial capital, it is necessary to ensure that they are able to […]
What is an FNMA (Fannie Mae)? | IRS Definition of an FNMA (Fannie Mae)
The Federal National Mortgage Association, also known as Fannie Mae and FNMA, is a government-sponsored arrangement under which the government creates mortgages for mid-to-low income earners. While FNMA doesn’t provide mortgages itself, it does back mortgages that are provided by lenders, and regulate mortgages that are given to these otherwise sub-prime borrowers. The FNMA was created […]
What is a Political Organization? | IRS Definition of a Political Organization
A political organization is a non-profit organization that is specifically designed to bring in and spend money related to public office. This public office can be local, state, federal, and so forth — what matters is that it is a public position. The political organization is able to campaign for, fundraise for, and otherwise support […]
What is a PTA/PTO or School Organization? | IRS Definition of a PTA/PTO or School Organization
Both PTA and PTO (Parent Teacher Association and Parent-Teacher Organization) groups are an incredibly important part of developing parent-teacher relationships. But there is a distinction between the two. The PTA is an organization that certifies specific entities to operate under their brand, while a PTO is a more general term for any parent-teacher organization. Either way, […]
What is a Government, Federal/Military? | IRS Definition of a Government, Federal/Military
Under the United States government, there are four major branches of the military: the Air Force, the Army, the Marine Corps, and the Navy. There are also four other uniformed services that are considered to be adjacent, though they are not part of the military proper: the Coast Guard, the USPHS Commissioned Corps, the NOAA Commissioned […]
What is a Social or Savings Club? | IRS Definition of a Social or Savings Club
Social clubs or savings clubs are independent entities formed by members to save and raise money towards group events and activities. Often, a social club is considered by the IRS to be a tax-exempt enterprise. No one in the social club owns shares or is taking money, instead the social club is acting together in […]
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 […]
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 […]
What is a Withholding Agent? | IRS Definition of a Withholding Agent
A withholding agent is an individual or a business who is responsible for taxable income on for a foreign individual. A withholding agent has many rules and regulations they need to follow to live up to their responsibilities. An agent can be anyone who disburses income that is subject to withholding, and this is true even […]
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