Only one EIN per day!

The IRS has announced that representatives (lawyers, and others like me) can only obtain one tax ID number per day from now on. They are known as Employer Identification Numbers or EINs and they are used for trusts, estates, businesses, and other entities that need a number for tax purposes but are not a person with a Social Security Number.

The announcement did not say that individuals cannot get more than one per day, just representatives. In most cases, this won't be a problem for me. I usually only get one at a time when an estate or trust is created and needs one. But, there have been occasions when we created two trusts or two LLCs in one day and wanted two numbers. Now it will take another day to get them (unless I ask the client to do it for him or herself.)

The stated reason was to make the system work fairer and more smoothly. I guess a few people were gumming up the system with lots of EIN requests. I don't know who those people were, but they have ruined it for us all. Now we're limited to one per day!

Comments

Stratfor - When Things Go Bad

I regularly read reports from Stratfor - an information service that comments on world affairs, terrorism and even personal safety. This report is good reading to help anyone survive a bad situation. I thought it was worth repeating. When Things Go Bad By Scott Stewart Over the past several weeks, we [Stratfor] have discussed a number of different situations that can present a common problem to people caught up in them. First, we discussed how domestic terrorism remains a persistent threat in the United States, and that despite improvements in security measures since 2001, soft targets still remain vulnerable to attack by terrorist actors driven by a variety of motivations. Due to the devolution of the jihadist threat toward the grassroots, there is also a growing trend of jihadist actors using armed assaults instead of bombing attacks. We also discussed the continuing problem of workplace violence , and finally, we discussed last week evacuation plans for expatriates

4 Planning Tips for Parents of Disabled Children

Buy enough life insurance . You can’t be replaced, but someone will have to fill in if you aren’t there. Your family will probably have to pay for some services that you used to provide. You can provide the money necessary, even if you don’t have much now, with life insurance. Set up a trust . Any assets left for a child with special needs, including life insurance proceeds, should be held in trust. Leaving money directly to someone with a special need jeopardizes public benefits. Some families disinherit children with special needs, relying on siblings to care for them. This approach is fraught with potential problems. The best approach is a trust fund set aside for the child with special needs. Write down the care plan . You must write down what a future caregiver will need to know about your special needs child. You may know everything but you need to write it down so it can be passed on. The memo or letter can be kept in the attorney's files or with the parent's estate plan

It's really Spring!

It's clearly Spring around here. On the way to work this morning I saw several groups of Turkeys. In each group there was at least one male presenting his tail for the females. This looks like the classic picture you see of a Turkey around Thanksgiving with his big tail unfurled like a peacock. But, you won't see that in November, it is courting behavior used in the Spring to find a mate. Imagine if we humans had some sort of mating system like that. The males puff themselves up, furl out their tails and strut around waiting for a female to find them attractive ... that would be something ... oh, wait! Three Turkeys at my Bird Feeder - April 2011 (C) Edward Adamsky, 2011

Adamsky Law Offices Blog

Search This Blog