The Small Business Tax Help Blog

Posts Tagged ‘Federal Tax ID’

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)

Vote for Democrat Alex Sink for Governor of Florida in 2010.

Question: How do i get a fed tax id number for a business in calif???

Answer: I agree that you go to http://www.IRS.gov and that you have to fill out the form SS-4, but you can do this electronically by going here: https://sa.www4.irs.gov/sa_vign/newFormSS4.do

You can also determine whether you need an EIN or not by going here: http://www.irs.gov/businesses/small/article/0,,id=102767,00.html

Hope that helps!

Fitch Rates New York City’s $1.3B GOs ‘AA’; Outlook Stable

NEW YORK–(BUSINESS WIRE)–Fitch Ratings assigns an ‘AA’ rating to the following New York City general obligation (GO) bonds: –$650 million taxable bonds, fiscal 2011 series C-1 (Build America Bonds); –$150 million taxable bonds, fiscal 2011 series C-2; –$30 million tax-exempt bonds, fiscal 2011 series D; –$470 million tax-exempt bonds, fiscal 2011 series E. The subseries C-2 bonds will be …

Business Laws : How to Form a Partnership

Question: What is a Reseller Application number and Sales Tax Resale #?

I’m wanting to sell on e-bay, but all suppliers want a Reseller Number , Fed ID number. What are these? Do they cost?

Answer: The Employer Identification Number (EIN) or federal tax identification number is easy to get. The Internal Revenue Service (IRS) web site at http://www.irs.ustreas.gov/businesses/small/article/0,,id=98350,00.html contains all the information you need about EIN and how to apply for an EIN electronically.

Sales tax is an excise tax imposed on the sale of goods and certain services. Check with your state’s Department of Revenue (or however this agency is called in your state) and check their procedures for getting this number for your business, If you are in South Carolina, this is their form for applying for resale certificate http://www.sctax.org/NR/rdonlyres/B07F32FC-0289-49E6-ABC2-DC1D33AE624C/0/ST8a.pdf#search=%22SALES%20TAX%20RESALE%20SOUTH%20CAROLINA%22

Sponsored By:

NOTICE OF PUBLIC HEARING BOARD OF ADJUSTMENT CITY OF FERNANDINA BEACH A Quasi-Judicial, Public Hearing will be held by the Board of Adjustment on Wednesday, September 15, 2010 at 5:30 PM in the City Commission Chambers, 204 Ash Street, Fernandina Beach, Florida to consider the following applications: VARIANCE THOMAS GRAHAM & CORAL HADLER, 00-00-31-1520-0008-0011, LOCATED AT THE CORNER OF SOUTH …

Tax Help : Do I Need a Sales Tax ID Number?