Frequently Asked
Does a Plan Administrator need a Tax ID (EIN)?
A plan administrator is a person or entity that manages employee plans at behest of the employer. A good example of a plan administrator would be a company that offers 401ks. The employer and employee would both have a relationship with this company. The plan administrator will have their own EIN, because they are a separate […]
Does a Government, Federal/MiliLIVEtary need a Tax ID (EIN)?
8/16/2022Though government entities may be exempt from many things, government entities (such as military entities) still do need to have federal tax IDs. Federal tax IDs identify a governmental (or other) organization, in terms of payroll taxes, employee hiring, banks, and more. Government entities generally act as companies, with similar organizational structures. They will need […]
Does a Government, State/Local need a Tax ID (EIN)?
Exactly how are government (federal, state, and local) entities formed? Government entities are formed like any other legal entity: They are an organization, much like a business. And as an organization, they need a tax ID (also known as an Employer Identification Number). Government entities will still need to open business bank accounts, hire employees, […]
Does a Farmers’ Cooperative need a Tax ID (EIN)?
A farmers’ cooperative is a unique form of agricultural group, designed to keep farmers safer and more stable through cooperation. Because a farmers’ cooperative means that many distinct entities and individuals are required to work together, it has to be formed as an official business entity. Most farmers’ cooperatives are non-profit organizations, which only serve to enrich […]
Does a Government, Indian Tribal Governments need a Tax ID (EIN)?
Tribal governments are governments that have standing agreements with the United States on a federal level. They are their own independent entities, and they are not required to have a Tax ID/EIN. They do not need to pay excise taxes the way that US companies would need to, and consequently they don’t need to file US […]
Does an Employer Plan (401K, Money Purchase Plan, etc.) need a Tax ID (EIN)?
Employer plans, such as 401ks, require their own EIN. Usually the plan administrator will setup this EIN when the plan itself is developed. Employer retirement plans can vary, from money purchase plans to defined benefit pension plans. Regardless, they are going to be a separate entity from the taxpayer, even if the retirement plan is […]
Does a Homeowners/Condo Association need a Tax ID (EIN)?
As a homeowners/condo association will be collecting dues from members for common expenses, it will need to have a tax ID number. A homeowners/condo association is generally incorporated as some type of business or LLC. Even though it may operate on a non-profit basis, it will be collecting money, performing fundraising, hiring employees, opening business bank […]
Does a Charitable Remainder Unitrust need a Tax ID (EIN)?
A charitable remainder trust is a type of irrevocable trust, and consequently it does need a tax ID/employer identification number. When forming a CRU, a donor will place assets inside of a trust. For the duration of the CRU, money will go to the donor and their family. But anything that is gained within the […]
How to Open a Bank Account for a Sole Proprietorship
Technically, a sole proprietor isn’t required to have another bank account. They can do everything under their personal bank account because there is nothing distinguishing themselves from their business. But it’s considered generally good practice for a sole proprietor to have a business bank account, if only to ensure that they are managing their books correctly. […]
Does a Withholding Agent need a Tax ID (EIN)?
A withholding agent needs to understand the difference between EINs, SSNs, and ITINs thoroughly. Withholding agents are responsible for sending in withholding on behalf of an employee being paid. Often, they are third-party intermediaries between employees and companies. The agent themselves will need to have their own tax ID/EIN; many agents are payroll services that […]
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