The Internal Revenue Service issues these Employer Identification Numbers and uses them to track tax returns. Tax ID numbers are specific and essential for your company. Apply for an EIN number simultaneously you create your LLC. Although not required, it is possible to submit a sole owner application to get the EIN is also feasible. How Do I Apply …
Suppose you’re changing entities, thinking about closing your shop to a company or selling your business to another entity. In that case, you could consider canceling the current EIN or obtaining a new one. An EIN is the number assigned to employers that the IRS issues when your business is established. When your EIN is …
How Do I Cancel Or Deactivate My EIN By Contacting The IRS Read More »
If you started your company, a crucial thing you did was to establish the Tax ID Number (EIN). If you’re planning on selling or selling your company, you might think you could transfer the EIN to the buyer. The answer is simple; usually, it is necessary to assign a new EIN that must be issued …
Transfer EIN To The New Owner | The Everything You Should Know Read More »
As a business owner, you probably know your company needs an EIN (or Tax ID Number) issued by the IRS for tax purposes. But what if you own multiple businesses or operate different divisions of the same entity? Do you need more than one EIN? Is there a limit on how many you can have? Here are …
Are you interested in learning about EIN or how EINs interact with your Amazon company? This article will cover the scenarios in which you’ll need an EIN to operate your Amazon business, as well as the instances where you will not need one. In the final section of this post, if you want to obtain …
Allowing the IRS to carry out its duties requires an easy method of identifying every person and business. To do this, they require every person and company to be issued a tax ID Although most people use their social security numbers to file taxes, most companies require a tax ID for their business. How Can …
When you’re considering the purchase of a Delaware Statutory Trust property for an exchange under 1031 it is essential to have a solid understanding of the possible tax implications that may apply to DST properties. In 2004, the IRS in Revenue Ruling 2004-86 deemed DST with the status of Delaware Statutory Trust (DST) as a “Like …
Case Study 1 An locally-based CPA describes the way their client sold an investment property and was required to pay a significant capital gains tax as well as depreciation recapture. There was no other option that a direct 1031 exchange to reduce taxes for the client. Capital gain and recapture depreciation tax could be substantial as the property appreciated …
As we’ve mentioned several times before here on the blog, you are able to only make a 1031 exchange on property you hold for business or investment purposes. Properties that are held exclusively for personal use cannot be included as a part of a 1031 swap. Also, the primary residence will not generally be considered as a …
Converting 1031 Exchange Property Into A Primary Residence Read More »
There are consequences. Most real estate owners making a 1031 swap want to put aside an amount from the sale of their surrendered property. Perhapsthey need money to fund their business, tuition costs for their children’s college or even a personal debt. Then, we come to the next question: can you still retain a portion of the sold …
Consequences Of Performing A Partial 1031 Exchange Read More »
