As a sole proprietorship, you can open a personal bank account for your company. Opening another bank account often helps for administrative purposes, because you can distinguish from your personal funds and your business funds. If you want to open a separate bank account, you can look into business bank accounts. For a business bank […]
As a sole proprietorship, you can open a personal bank account for your company. Opening another bank account often helps for administrative purposes, because you can distinguish from your personal funds and your business funds. If you want to open a separate bank account, you can look into business bank accounts. For a business bank […]
S-corporations, like LLCs, aren’t generally required to have tax ID numbers. Instead, it’s based on a few factors. A tax ID number will be required if the S-corporation has more than a single owner. A tax ID number will also be required if the S-corporation has any employees, though the owner of the company will […]
S-corporations, like LLCs, aren’t generally required to have tax ID numbers. Instead, it’s based on a few factors. A tax ID number will be required if the S-corporation has more than a single owner. A tax ID number will also be required if the S-corporation has any employees, though the owner of the company will […]
Do you have a good sense of what it means to be one of the various types of corporations in the United States? The United States federal income tax code recognizes all sorts of types of businesses or corporations. One of these is none other than the S-Corporation. What exactly is an S-Corporation, though, and […]
Do you have a good sense of what it means to be one of the various types of corporations in the United States? The United States federal income tax code recognizes all sorts of types of businesses or corporations. One of these is none other than the S-Corporation. What exactly is an S-Corporation, though, and […]
Does a Revocable Trust need a Tax ID (EIN)?
7
Apr
2020
A revocable trust will not need an EIN until the grantor of the trust dies. At that point, the Trust will be required to provide the Trust’s EIN Number in order to access funds and manage bank accounts of the Trust. Revocable trusts are essentially financial accounts that are under the grantor and their own […]
A revocable trust will not need an EIN until the grantor of the trust dies. At that point, the Trust will be required to provide the Trust’s EIN Number in order to access funds and manage bank accounts of the Trust. Revocable trusts are essentially financial accounts that are under the grantor and their own […]
As an S-Corporation, there are indeed some unique aspects to your organization, but all of these have to do with tax reporting and filing. When you break down the actual organizational structure, expectations of the business, it is the same as any other type of corporation. Whether you are an S-Corporation or a C-Corporation or […]
As an S-Corporation, there are indeed some unique aspects to your organization, but all of these have to do with tax reporting and filing. When you break down the actual organizational structure, expectations of the business, it is the same as any other type of corporation. Whether you are an S-Corporation or a C-Corporation or […]
Did you realize that, as a non-profit organization, you are very likely to still need to get an employer identification number Tax ID (EIN)? Even as a tax-exempt non-profit organization, the need will still exist. You will require an employer identification number to do a lot more than just file taxes on an annual basis. […]
Did you realize that, as a non-profit organization, you are very likely to still need to get an employer identification number Tax ID (EIN)? Even as a tax-exempt non-profit organization, the need will still exist. You will require an employer identification number to do a lot more than just file taxes on an annual basis. […]
Does a Guardianship Need a Tax ID (EIN) Number?
13
Feb
2020
A guardianship is defined as: when an individual takes charge of controls on behalf of an individual who cannot control their own finances, usually that of a minor. Guardianship is both a financial and a legal responsibility, and it requires some additional consideration regarding financial accounts. For the most part, guardians do not need a […]
A guardianship is defined as: when an individual takes charge of controls on behalf of an individual who cannot control their own finances, usually that of a minor. Guardianship is both a financial and a legal responsibility, and it requires some additional consideration regarding financial accounts. For the most part, guardians do not need a […]
What is a Guardianship?
13
Feb
2020
Guardianship occurs when an individual takes control over the financial situation and/or the living situation of an individual who cannot take care of themselves. Also known as a conservatorship, guardianship empowers an individual to pay bills, collect money, and otherwise make financial decisions on behalf of another person. It’s critical that a guardian ensure that […]
Guardianship occurs when an individual takes control over the financial situation and/or the living situation of an individual who cannot take care of themselves. Also known as a conservatorship, guardianship empowers an individual to pay bills, collect money, and otherwise make financial decisions on behalf of another person. It’s critical that a guardian ensure that […]
Does a Custodianship Need a Tax ID (EIN) Number?
13
Feb
2020
It is easy to confuse a Custodianship with a Guardianship, but the two are quite different. Guardians take care of assets for individuals, usually an older family member taking care of a younger family member’s assets. Custodianship is when an entity, often a financial enterprise such as a bank, takes control over an individual’s assets […]
It is easy to confuse a Custodianship with a Guardianship, but the two are quite different. Guardians take care of assets for individuals, usually an older family member taking care of a younger family member’s assets. Custodianship is when an entity, often a financial enterprise such as a bank, takes control over an individual’s assets […]
What is a Custodianship?
13
Feb
2020
Custodianship occurs when an individual or other entity takes control over another individual’s finances. Often, this is in the form of a Trust Account, which might need a separate EIN. Custodianship often happens when children inherit sums of money that they can’t manage on their own. The custodian will manage their money in their best […]
Custodianship occurs when an individual or other entity takes control over another individual’s finances. Often, this is in the form of a Trust Account, which might need a separate EIN. Custodianship often happens when children inherit sums of money that they can’t manage on their own. The custodian will manage their money in their best […]