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If the grantor in a revocable trust has died, making the trust irrevocable, you will need to complete the application for an EIN. To get all of your estate planning questions answered, you can ...
An EIN makes applying for business bank accounts, credit cards and small business loans easier. It will also be helpful when applying for business licenses and permits you may need.
You Only Need an EIN If You Have Employees: An EIN is also required for other purposes, like establishing a business credit line or opening a business bank account, even without employees.
The EIN serves a similar administrative purpose as a SSN, but for a business entity rather than an individual person. In some cases, such as a sole proprietorship, an SSN may be used as a business Tax ID without applying for a separate EIN, but in order to hire employees or establish business credit, an EIN is required. Unlike a SSN, an EIN is ...
A trust company can be named as an executor or personal representative in a last will and testament.The responsibilities of an executor in settling the estate of a deceased person include collecting debts, settling claims for debt and taxes, accounting for assets to the courts and distributing wealth to beneficiaries.
Continue reading → The post Is an EIN Required for a Trust After Death? appeared first on SmartAsset Blog. Unfortunately, tax problems brought on by a trust can sometimes be one of the stressors.
an Employer Identification Number (EIN), also known as a FEIN (Federal Employer Identification Number) an Adoption Taxpayer Identification Number (ATIN), used as a temporary number for a child for whom the adopting parents cannot obtain an SSN [1] a Preparer Tax Identification Number (PTIN), used by paid preparers of US tax returns [2]
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