Information

For tax purposes, you need a tax identification number, but there are many different types of tax IDs issued by the IRS. To help you understand what type of number you need, this guide looks at the differences between a taxpayer identification number (TIN) and an employer identification number (EIN). It also looks at the […]

A conservatorship happens when a guardian is set to manage the affairs of an individual. The person under guardianship is also known as the “ward” of the individual, and could be someone with a medical handicap or age-related issue. A conservatorship doesn’t always need an EIN, because a conservator can act under their own SSN. […]

Homeowners and/or condo association is a type of organization where you have a group of individuals coming together for the betterment of a property or a series of properties. When you own a condo, you have your own living space that you own yourself. The condo building, though, and the maintenance that goes along with […]

A farmers’ cooperative is a type of organization that is also known as an agricultural cooperative. It is all about a group of farmers getting together to act as a pool. With all of the farmers working as one, they can pool resources together to accomplish a type of activity. There are a variety of […]

Have you ever thought about setting up a scholarship fund? Do you know what steps you should be taking and how the scholarship fund will be seen in the eyes of the Internal Revenue Service? A scholarship fund can do some amazing things for individuals who are trying to take their education or career to the […]

Do you have a good sense of what a community or volunteer group is and what it is all about? In the eyes of the Internal Revenue Service, the definition of a community or volunteer group is pretty broad, but it is beneficial to have a firm understanding of it. The Internal Revenue Service recognizes […]

The Internal Revenue Service has special tax laws in place for tribes that are advantageous, beneficial to their standing. There are approximately 600 sovereign tribal nations across the United States. These are all recognized by the Internal Revenue Service as tribal governance. Tribal governments are unique members of the American government. These tribal nations are sovereign governments, […]

Do you or have you ever come across a household employer? Do you have a good sense as to what the Internal Revenue Service definition of a household employer is? A household employer is going to be an individual that will pay someone else to perform duties in or around their home. A perfect example […]

An escrow account is an account held by a third party to facilitate a transaction. The third party will hold assets until all elements of the transaction have been completed, thereby ensuring that all parties involved fulfill their part of the contract. The most common type of escrow account occurs during a real estate transaction. The […]

Understanding what an employer or fiscal agent is under IRC Section 3504 can help your company better understand the handling of payroll and related payroll taxes. In this case, an employer or fiscal agent under the law is an agent or person who has the ability to control the wages of an employee or a group of […]