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If your association is a legal entity, such as a non-profit corporation, you can apply for a tax ID, and use it to file income taxes.
The tax implications are that you file a tax return and may be taxed on profits, if they exceed your expenses by the amount allowed by law.
In addition to Federal taxes, you may also be responsible to file a state tax return and pay taxes on profits over a set amount.
If you are a legal entity and you do not file tax returns, you are liable for the consequences of disobeying the tax law.
Wiki User
∙ 13y ago
Wiki User
∙ 10y agoYes. The association's financial advisor can help you.
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What i do you need to present to the probate court to get tax id?
The tax ID is issued by the Federal Government. It does not require the probate court.
What is the federal tax ID for Santa Ana College?
The federal tax ID is not listed online for Santa Ana College. You will need to contact the school's human service department to get the tax ID number.
Do individuals have their own federal tax id?
Individuals can obtain a federal tax id, although individuals can also use their social security number to file their income tax. If you are operating a small business you will need to have a id number.
How do you get a tax id in NJ?
If its a Federal tax ID that you need (FID) then you need to go to the IRS website and track down the document and file it...Its free to fax in. If its a state Tax ID then you will need to contact the NJ Revenue Service or check with your Secratary of States Website for the info. This usally costs a few bucks and you may need to register as a company.
How would one go about getting a Federal Tax ID?
One does not need to go about getting a Federal Tax ID. As long as one has a W2 form from the government, they will be able to find the federal tax id on the W2 form already.
What is Sallie Mae tax id number?
Sallie Mae's does not release their tax id number to anyone but their suppliers. The general public does not need to know this tax id number. Sallie Mae is on of the governments suppliers of housing mortgage loans.
How do you get a tax id number in NJ?
If its a Federal tax ID that you need (FID) then you need to go to the IRS website and track down the document and file it...Its free to fax in. If its a state Tax ID then you will need to contact the NJ Revenue Service or check with your Secratary of States Website for the info. This usally costs a few bucks and you may need to register as a company.
Should you use your tax ID or the estate tax ID when selling the house?
Should you use your personal tax ID or the estate tax ID when selling the house of a decendant?
When do homeowner s associations need to get a employer Identification Number?
Associations are typically corporations -- non-profit is common -- and when they hire employees, not vendors, then they need an employer ID, usually for tax purposes. As well, there is a tax-payer ID assigned to the corporation, so that the corporation can report its income and expenses. Your financial consultant can advise you as to whether or not your tax-payer ID can be used as an employer ID.
Do only businesses need a ferderal tax id number?
Tax ID Numbers are given by the US Government to businesses, estates, churches, non-profit organizations, or an individual going into business for himself. Basically, anything that is subject to the tax laws of the Federal Government that is not a "person" qualifies for a Tax ID Number.
State Tax ID?
A state tax ID is a number that is required by businesses who hire employees or pay taxes. A business much register with the state to obtain a state tax ID. A state tax ID is also known as a state employer tax ID number, a state employer ID or an EIN.
How many digits in a tax id?
there are nine digits in a tax id number
