An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to businesses operating in the United States. It is used for tax administration purposes and serves as a way to identify a business entity.
Starting a corporation is a significant step toward building a successful business. A corporation offers numerous benefits, including limited liability protection, enhanced credibility, and potential tax advantages.
Ensure security and compliance with our Beneficial Ownership Reporting service. Businesses formed after January 1st, 2024 must file a BOI Report within the first 90 days of formation.
The official name of Form 1098-T is the “Tuition Statement.” Its purpose is to allow colleges, universities, and other eligible educational institutions to report amounts billed for qualified tuition and related expenses.
The official name of Form 1099-SB is “Seller’s Investment in Life Insurance Contract.” Its purpose is to report the seller’s investment in a life insurance contract that has been sold, detailing the investment portion held by the seller at the time of the sale for tax reporting and compliance.
The official name of Form 1099-SA is “Distributions From an HSA, Archer MSA, or Medicare Advantage MSA.” Its purpose is to report distributions made from a health savings account (HSA), Archer Medical Savings Account (MSA), or Medicare Advantage MSA to both the IRS and the account holder.
The official name of Form 1099-S is “Proceeds from Real Estate Transactions.” Its purpose is to report proceeds from the sale or exchange of real estate to the Internal Revenue Service (IRS).
The official name of Form 1099-QA is “Distributions from ABLE Accounts.” Its purpose is to report distributions made from Achieving a Better Life Experience (ABLE) accounts, which help individuals with disabilities cover qualified disability-related expenses.
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