Topic: Questions

How to Apply for Estate of Deceased Individual Tax ID Number

After an individual passes on, all the assets they held will be moved to a separate “estate of deceased individual”. This includes homes, cars, bank accounts, and other physical assets and financial holdings. Since the individual who passed can no longer control these assets, these assets will need to be managed by someone else. That’s […]

Does a PTA/PTO or School Organization Need a Tax ID (EIN)?

Parent-teacher organizations, parent-teacher associations and other types of school organizations need their own tax identification numbers. Called an Employer Identification Number (EIN), these federal tax identification numbers allow PTOs, PTAs, and similar organizations to take care of a variety of administrative functions, separately from the school with which they are affiliated. In particular, PTOs and […]

Does a Revocable Trust Need a Tax ID (EIN) Number?

Whether a revocable trust needs a Tax ID (EIN) depends on whether the grantor is alive or not. Most revocable trusts are created as a method of extending wealth during estate planning. A grantor will usually use a revocable trust to distribute money to beneficiaries while still remaining in control of those funds. Since the […]

How to Open a Bank Account for a PTA, PTO or School Organization

If your Parent-Teacher Association (PTA), Parent-Teacher Organization (PTO) or other school organization is accepting funds (and paying out for expenses), it needs its own bank account. Otherwise, it could become difficult to disentangle school funds from association use. Getting a bank account for an organization is fairly easy, you just need to take the process […]

What is a PTA/PTO or School Organization? | IRS Definition of a PTA/PTO or School Organization

Parent-Teacher Associations (PTA), Parent Teacher Organizations (PTO) and other school organizations can exist as committees that are totally controlled by the school but these organizations can also choose to exist as separate entities. And if they meet certain criteria, they can even qualify for tax-exempt (Non-Profit) status. Normally to be considered tax-exempt as an education […]

What is the Difference Between an EIN and a Sales Tax Number?

The difference between an EIN and a sales tax number is going to depend on your state, so you may need to look into your local laws. An EIN is an Employer Identification Number, a nine-digit number that’s assigned by the US Federal Government to track things like taxes and employment forms. In some states, […]

EIN for an Estate vs. EIN for a Business

What’s the difference between an EIN for an estate and an EIN for a business? Both a business and an estate will need a nine-digit tax ID number that is also known as an employer identification number (or EIN). For both estates and businesses, an EIN is used to open bank accounts, hire employees, and […]

Does a Withholding Agent Need a Tax ID (EIN)?

A withholding agent is an individual who is responsible for managing the payroll and payroll taxes for an individual. Withholding agents disburse payments to individuals while paying payroll taxes, both on behalf of the employer and behalf of the employee. To do this work, a withholding agent needs to have a tax ID number or […]

Does a Trust Need a Tax ID Number?

Does a trust need a tax ID number? It entirely depends on the status of the trust and the status of the grantor. When you create a trust, you can ask an estate planning company whether you need a tax ID number (also known as an EIN or employer identification number). But there are some […]

What is an Irrevocable Trust? | IRS Definition of an Irrevocable Trust

An irrevocable trust is a trust that cannot be changed by the grantor. Often, a trust may become irrevocable after a grantor passes on. The trust is no longer under the grantor’s control, but rather an entity unto itself. An irrevocable trust may also be established while the grantor is still alive, making it so […]

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