Have you ever heard of the abbreviation of REMIC? Do you have a good grasp as to what exactly a REMIC is? A REMIC is a real estate mortgage investment conduit. It is a special type of entity. This entity is such that it will hold a pool of mortgages, a fixed amount. It will […]
Information
When you run into a situation where you are an individual in charge of a bankruptcy estate (individual), where does that land you in terms of Internal Revenue Service requirements? One of the common questions is whether you need an employer identification number (EIN) to open a bank account for the estate? An employer identification […]
How to Open a Bank Account for an Estate
Do you have an estate in need of opening up a bank account for the first time? If so, what is the process you must go through to open up the account, get it in good standing, etc? Opening up an estate’s bank account requires you to do some pre-work as well as some detail […]
What is a Bankruptcy Estate (Individual)?
The definition of a bankruptcy estate is an estate as it relates to the assets of an individual that has filed for bankruptcy. When you file for bankruptcy, all of your assets will be available. The revenue that you get from those assets will be put in place to pay off any creditors, as much […]
Trying to open a bank account for a bankruptcy estate as an individual? You will need to have the bank account to do normal business operations as the bankruptcy estate organization. Having a good handle on this is crucial so you can flow resource gains from the bankruptcy estate into a single source. First, you […]
What is a Government, State / Local?
State and local governments are recognized by the United States Constitution and individual state constitutions. State law, court decisions, as well as the examination of facts, can take a state and local government and make it a recognized government entity in the eyes of the Internal Revenue Service. State and local governments have powers in […]
What is an FNMA (Fannie Mae)?
The FNMA is the Federal National Mortgage Association. It is also commonly known as Fannie Mae. It is a government-sponsored enterprise or GSE in the eyes of the Internal Revenue Service. It has its founding year dating back to 1938 when Congress established it during the Great Depression. The role of Fannie Mae is not […]
How to Open a Bank Account for a Corporation
To open a bank account for a corporation, there are going to be some steps you will need to take. Before you can even think about opening up a bank account, you need to obtain all the necessary information. This will include details on the business, its principal address, as well as a Corporation EIN […]
What is a Non Profit Organization?
You often hear the term non-profit organization but what does that mean? What sets a non-profit organization apart from something such as a standard corporation? How about an LLC? The Internal Revenue Service recognizes non-profit organizations and understanding how they differ from for-profit entities in the eyes of the IRS is important. It has been […]
What is a Church?
Characteristics that define a church to the Internal Revenue Service include the following: things such as having a legal existence that is identified with the church, as well as having a creed and form of worship that is recognized, known. Religious history, as well as a formal doctrine and discipline, are included as well. It […]