Information

As a limited liability company, you need to do certain things to function as a working organization. One of these things or requirements will be the need to have your bank account. Having a bank account in the name of the LLC is important as it allows you to operate effectively, and in a way […]

A farmer’s cooperative is something that is recognized by the Internal Revenue Service quite commonly and is also known as a farmers’ co-op or an agricultural cooperative. The idea here is that a group of farmers will come together, pool all of their resources into a certain area or activity. They will then work for […]

A political organization is a topic that comes up quite often, specifically during the presidential election cycle every four years. The idea of a political organization is that it could be a party, a committee, association, fund or another type of organization. None of these will be considered to be incorporated by the Internal Revenue […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]