The Small Business Tax Help Blog

Posts Tagged ‘EIN’

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Question: How can I tell if a director/officer of a small nonprofit corporation (church) is an employee with a paycheck?

This is a small church (nonprofit corporation) – with only 4 officers/directors. I have searched out Florida Dept. of Corporations, Sunbiz.org, and the IRS. The IRS told me that they do not have to have an EIN number because they are exempt from Federal and State taxes. The IRS also told me that just because they are an officer/director, does not mean they get paid. That is up to the corporation itself. I believe that they are getting paid. How do I prove this? I do not want to ask the church. It there someway to find this out (if a particular officer/ director is getting a check and for how much?)

Answer: It depends on how it is set up legally (public vs private corporation).

Only a publicly traded corporation is legally bound to disclose transactions between it and its officers including payroll related transactions.

The church is not legally bound to report payroll information to anyone except to report payroll taxes to the appropriate parties (they are still required to file a 940 and a 941 to the IRS and equivalent to the state); but again this is considered confidential between the two parties.

non-profits which accept public donations however do tend to disclose how much of that donation goes to overhead but I am not sure if they are required to be specific. If they really want your donation then they should be more than willing to give you a look. However as I said before pay information is largely classified as it is a personal matter so you might not get Joe Smtih’s actual salary but the combined salary of the entire staff

Winning Government Contracts: Five Things You Need to Know

Uncle Sam spends billions of dollars every year. How to position your company to win government contracts.

Aus Federal Police board 2 anti-whaling Sea Shepherd pirate ships in Hobart with search warrants.mp4

Extended Individual Tax Benefits in Compromise Bill

We know about the 15% v. 20% capital gain rate and the top rate of 35% not 39.6%. But apart from th

Open for Questions: Entrepreneurship and Innovation with Commerce Secretary Gary Locke

Question: Single member LLC, EIN, and company bank account….?

I’ve read some conflicting information on whether a single-member LLC needs an EIN number, but what I’ve gathered so far is an LLC does not require one if there are no employees.

My question is won’t I need an EIN to open a separate bank account in the LLC’s name? All the material I’ve read stressed the importance of maintaining separate finances (i.e. separate accounts) for operating your LLC. If I don’t have an EIN, I presume I would have to open an account using my own name and SSN. Wouldn’t that constitute mixing of finances or confuse the boundaries between personal and business, and thus invalidate my limited liability status?
I think I will get the EIN. There’s always the chance I’d need to hire a part time help if business went better than expected.

Answer: Using a SSN would confuse the issue. I found (for my company) it was just easier to file the paperwork and get an EIN. There really isn’t much to it, and the headache it will save me later down the line is going to be well worth it…

01 1075 am 29.11.2008 in Venlo-Blerick

Question: Estate income versus personal income?

My mother had an IRA, the money was moved the day before she died so it could be used to open her estate account, pay her bills, and mortgage plus funeral expenses. The estate account was opened a week after she passed away. I received a 1099R in her name, (not the estate) with her SSN
not her Federal ID number. Is this taxable income on her personal return? The money went into the estate? Or should it just be entered on the 1041 estate tax return? I do not know where the money in the IRA orginiated from to know what would be taxable. I don’t know if it came from my fathers life insurance when he passed or from when she sold her home.
This money went to pay her bills, mortgage and other expenses for her while the will was in probate.

Answer: If the money was moved before she died than it is your mother’s taxable income not the estate’s. But the value of the money will be needed to be included in her estate return as well. The 1041 estate return will be for the income that your mother’s estate earned after her death. As far as taxability of the IRA, unless it’s a Roth IRA, it’s all taxable. And there is a limit as to how much can be put into an IRA on a yearly basis, so it is highly unlikely that the IRA money was from your father’s life insurance or from when your mother sold her house. You used to have to have earned income in order to contribute to an IRA, and life insurance proceeds or sale of a house are not earned income.

Impac Mortgage Holdings, Inc. Announces Results of Third Quarter 2010

Impac Mortgage Holdings, Inc. , a Maryland corporation, or the “Company,” reports third quarter 2010 net earnings of $974 thousand, or $0.12 per diluted common share, as compared to a net earnings of $3.0 million, or $0.38 per diluted common share for the third quarter of 2009.

Duty of Executor of Will

Question: How do I find out about getting a new business name and getting a federal tax id number?

Answer: If you are just starting, you can do all that on your own. No need to pay someone to do it for you. Just go down to your local government offices, and they will gladly help you. I had to register my company name by filling out a Fictitious Business Name paperwork and then having it listed in a newspaper. As for the ID number, I just got an EIN, and that was simply some paperwork I had to file through the IRS (I got the application online). I don’t see why the FIN would be any different…

IRS: All paid tax preparers need ID number

DENVER – New Internal Revenue Service regulations now require all paid tax return preparers to apply for a Preparer Tax Identification Number (PTIN) – even those who already have one – before preparing any federal tax returns in 2011.

Federal Tax ID (FIN)