Under a charitable remainder annuity trust, a grantor places an asset or assets within a trust controlled by a trustee. This trust account pays out a certain amount as income to a designated beneficiary. Once the grantor passes on, the remaining assets are given to a charity of choice. What Are the Benefits of a CRAT? […]
What is a Charitable Remainder Annuity Trust? | IRS Definition of a Charitable Remainder Annuity Trust
29
Oct
2021
Under a charitable remainder annuity trust, a grantor places an asset or assets within a trust controlled by a trustee. This trust account pays out a certain amount as income to a designated beneficiary. Once the grantor passes on, the remaining assets are given to a charity of choice. What Are the Benefits of a CRAT? […]
What is a Settlement Fund (under IRC Sec 468B)? | IRS Definition of a Settlement Fund (under IRC Sec 468B)
19
Oct
2021
A settlement fund is a fund formed when an entity, generally a business, must pay out a settlement to a number of different individuals or entities. This often occurs during a class action suit, when a single company needs to pay out multiple people Forming a settlement fund makes the process of managing the settlement itself […]
A settlement fund is a fund formed when an entity, generally a business, must pay out a settlement to a number of different individuals or entities. This often occurs during a class action suit, when a single company needs to pay out multiple people Forming a settlement fund makes the process of managing the settlement itself […]
Does a Receivership need a Tax ID (EIN)?
7
Oct
2021
When a company goes through a disruptive financial process, such as bankruptcy, its often placed under receivership. Under receivership, another individual (known as a trustee) manages the company. The trustee’s goals are to manage the company in its best interests while also ensuring that all debts that can be repaid are repaid. The trustee is a […]
When a company goes through a disruptive financial process, such as bankruptcy, its often placed under receivership. Under receivership, another individual (known as a trustee) manages the company. The trustee’s goals are to manage the company in its best interests while also ensuring that all debts that can be repaid are repaid. The trustee is a […]
Does an Escrow need a Tax ID (EIN) Number?
28
Sep
2021
During an escrow period, funds are held by a third-party before disbursement to the other parties. For escrow to be safe for all involved parties, those who have contributed funds to the escrow company cannot have access to those funds. Consequently, the escrow company is going to need to create an entity that has a separate […]
During an escrow period, funds are held by a third-party before disbursement to the other parties. For escrow to be safe for all involved parties, those who have contributed funds to the escrow company cannot have access to those funds. Consequently, the escrow company is going to need to create an entity that has a separate […]
When an individual, family, or other entity places assets into a trust, and then that trust provides income to the donor as well as a charity, it’s known as a pooled income fund. A pooled income fund is a way for a donor to gain a steady income from their assets while also giving to […]
When an individual, family, or other entity places assets into a trust, and then that trust provides income to the donor as well as a charity, it’s known as a pooled income fund. A pooled income fund is a way for a donor to gain a steady income from their assets while also giving to […]
A type of mutual fund, a pooled income fund occurs when numerous assets are pooled together within a single fund for the ultimate benefit of charity. During the donors’ lifetimes, income is given to them from the fund. After the donors have passed on, the assets pass on to charity. A pooled income fund therefore manages the […]
A type of mutual fund, a pooled income fund occurs when numerous assets are pooled together within a single fund for the ultimate benefit of charity. During the donors’ lifetimes, income is given to them from the fund. After the donors have passed on, the assets pass on to charity. A pooled income fund therefore manages the […]
A political organization is unique in the way that it is made up. A political organization brings a group of individuals with a common purpose together as they work towards a goal. These goals could be to help an individual become elected to office, to help a bill get passed, or to raise awareness of […]
A political organization is unique in the way that it is made up. A political organization brings a group of individuals with a common purpose together as they work towards a goal. These goals could be to help an individual become elected to office, to help a bill get passed, or to raise awareness of […]
A household employer is unique in that you usually do not think of this type of person as a business or an organization. Thus, you may be asking yourself, do they or do they not need to obtain a Tax ID (EIN) number? As a household employer, you need to be thinking about all of […]
A household employer is unique in that you usually do not think of this type of person as a business or an organization. Thus, you may be asking yourself, do they or do they not need to obtain a Tax ID (EIN) number? As a household employer, you need to be thinking about all of […]
Do you have a sense as to what the legal terminology is pertaining to a government, federal/military? The Internal Revenue Service recognizes a federal or military governmental organization as its own entity. The entity itself needs to be in compliance with the regulatory agreement to which it is subject. It is all about the knowledge […]
Do you have a sense as to what the legal terminology is pertaining to a government, federal/military? The Internal Revenue Service recognizes a federal or military governmental organization as its own entity. The entity itself needs to be in compliance with the regulatory agreement to which it is subject. It is all about the knowledge […]
Running a hair salon can be very rewarding. You get to express your creative talents, help people feel beautiful, socialize with clients, and explore new ideas from the world of hair and beauty, but at the same time, you also have to manage business essentials, including obtaining tax identification numbers. In particular, your hair salon […]
Running a hair salon can be very rewarding. You get to express your creative talents, help people feel beautiful, socialize with clients, and explore new ideas from the world of hair and beauty, but at the same time, you also have to manage business essentials, including obtaining tax identification numbers. In particular, your hair salon […]