Frequently Asked
How to Open a Bank Account for a Personal Service Corporation
A personal services corporation can open a business account in two ways. If the personal services corporation is run by a single person with no employees, that person can open a business account under their own name and social security number. Many simple bank accounts can be opened up online or through a phone call; all the […]
How to Open a Bank Account for a Non-Profit Organization
A non-profit organization will want to open a “business account,” even though the organization isn’t intending on generating revenue. A business account generally expects higher levels of transactions, higher balances, and higher standards of customer care. Before setting up a bank account, the non-profit organization should collect: The formation documents for the non-profit organization. Documents for the […]
How to Open a Bank Account for a Church Organization
A church organization will open a bank account like any non-profit organization or business. First, the church organization should get its documents together. These are the documents that form it as an entity and formalize its structure, and it also includes any documents filed with the government regarding its formation. Then, the church organization should make an […]
What is a Charitable Remainder Annuity Trust? | IRS Definition of a Charitable Remainder Annuity Trust
A charitable remainder annuity trust fulfills two missions: It gives wealth to a beneficiary and to a charity, at differing times. This unique type of trust is specifically designed for high net worth individuals who want to take care of their family members while still ensuring that assets ultimately go to charities. During the life of […]
Does a Partnership need a Tax ID (EIN)?
A partnership is going to need its own EIN (employer identification number). One of the primary differences between a partnership and an LLC is how they are taxed. An EIN is also used as a taxpayer identification number. Since a partnership is naturally composed of more than one entity, it cannot use the social security number, […]
Does a S-Corp need a Tax ID (EIN)?
Technically, an S-corporation does not need a tax ID. However, it is recommended that an S-corporation have one. Tax IDs/EINs can be complicated, so it’s important to make sure you have everything you need when creating a new company. Tax IDs/EINs are not acquired when a company is first formed, and they aren’t required at that time. However, […]
Does a Conservatorship need a Tax ID (EIN)?
A conservatorship occurs when an individual becomes responsible for the financial affairs of someone else, often due to their mental inability to manage their own finances, or advancing age. Conservatorship can even occur if someone is physically temporarily disabled, such as experiencing a debilitating illness. During conservatorship, the conservator won’t necessarily need a tax ID, […]
What is an Escrow? | IRS Definition of a Escrow
An escrow account is an account held by a trusted third party to complete a transaction. The most common type of escrow account occurs during a home sale. The buyer will send money to the escrow company. The escrow company will verify the transaction and make sure the deed is filed before it sends the […]
What is a Trust? | IRS Definition of a Trust
Most people will be familiar with trusts that occur after death. An individual may put their assets in a trust account so they can control those assets with stipulations even after they are deceased. But trusts can also occur during life. A trust account is created when assets are placed in the care of a […]
What is a Revocable Trust? | IRS Definition of a Revocable Trust
A revocable trust is a trust set up by a grantor to manage assets and distribute funds to a beneficiary. It is distinguished from an irrevocable trust in that an irrevocable trust cannot be changed after it’s been created. Revocable trusts are still under the control of the grantor and will use the grantor’s own […]
« Previous 1 … 7 8 9 10 11 … 14 Next »
irs-taxid-numbers.com acts as a Third Party Designee which aids clients in obtaining Employer ID Numbers (EIN) and Tax ID Numbers from the IRS. Our work is solely on behalf of our customers and is not associated with any government agencies such as the US Small Business Administration, US Department of the Treasury or the Internal Revenue Service. Our service fees are paid for our agents to submit your application for an EIN/Tax ID. Users of this site may also visit irs.gov if they wish to complete the service free of charge on their own, however they are not eligible for assistance from us. We do not review the information submitted on our application form and we cannot provide any legal guidance. If you require legal assistance we ask that you seek help from a licensed professional.