Information

Do you have an estate in need of opening up a bank account for the first time? If so, what is the process you must go through to open up the account, get it in good standing, etc? Opening up an estate’s bank account requires you to do some pre-work as well as some detail […]

The definition of a bankruptcy estate is an estate as it relates to the assets of an individual that has filed for bankruptcy. When you file for bankruptcy, all of your assets will be available. The revenue that you get from those assets will be put in place to pay off any creditors, as much […]

Trying to open a bank account for a bankruptcy estate as an individual? You will need to have the bank account to do normal business operations as the bankruptcy estate organization. Having a good handle on this is crucial so you can flow resource gains from the bankruptcy estate into a single source. First, you […]

State and local governments are recognized by the United States Constitution and individual state constitutions. State law, court decisions, as well as the examination of facts, can take a state and local government and make it a recognized government entity in the eyes of the Internal Revenue Service. State and local governments have powers in […]

The FNMA is the Federal National Mortgage Association. It is also commonly known as Fannie Mae. It is a government-sponsored enterprise or GSE in the eyes of the Internal Revenue Service. It has its founding year dating back to 1938 when Congress established it during the Great Depression. The role of Fannie Mae is not […]

To open a bank account for a corporation, there are going to be some steps you will need to take. Before you can even think about opening up a bank account, you need to obtain all the necessary information. This will include details on the business, its principal address, as well as a Corporation EIN […]

You often hear the term non-profit organization but what does that mean? What sets a non-profit organization apart from something such as a standard corporation? How about an LLC? The Internal Revenue Service recognizes non-profit organizations and understanding how they differ from for-profit entities in the eyes of the IRS is important. It has been […]

Characteristics that define a church to the Internal Revenue Service include the following: things such as having a legal existence that is identified with the church, as well as having a creed and form of worship that is recognized, known. Religious history, as well as a formal doctrine and discipline, are included as well. It […]

As a church-controlled organization, one of the key things you will want to do is open a bank account. Opening up a bank account in the name of the church-controlled organization is important in order to properly manage finances. What is the process, though, to open up the bank account? What are some requirements and […]

There is often a lot of confusion of whether a church-controlled organization needs an employer identification number (EIN). The short answer is yes, an employer identification number is something every church-controlled organization needs. You want to think of the Tax ID (EIN) number as the Social Security Number for the church organization. What are some […]