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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28082
Experience:  Taxes, Immigration, Labor Relations
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If we open a bank account class reunion, we would need an

Customer Question

Customer: If we open a bank account for a class reunion, we would need an EIN. How do we fill out the form?
JA: Thanks. Can you give me any more details about your issue?
Customer: Well we don't have an EIN number, or any budget at this time. If we need to sell tickets we have to open an account.
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Submitted: 10 months ago.
Category: Tax
Expert:  Lev replied 10 months ago.

The issue is that you may not just apply for EIN...

In order to issue EIN - it should be assigned to a separated legal entity or a physical person..

So - if you want to have EIN assigned to the class reunion - you need to form an entity.

That might be a partnership OR a non-for-profit organization - that would be your choice but only when you have a legal entity - that entity may apply for EIN.

Customer: replied 10 months ago.
a partnership between two persons, how about a school?
Expert:  Lev replied 10 months ago.

A partnership is the relationship existing between two or more persons/entities who join to carry on a trade or business. Each person/entity contributes money, property, labor or skill, and expects to share in the profits and losses of the business.

You may have a partnership - that is not an issue - but generally a class reunion is not to carry on a trade or business.

Expert:  Lev replied 10 months ago.

If you still want to have a separate organization - you would benefits if you create a social club

The social club may be tax exempt under Internal Revenue Code section 501(c)(7)

Guidelines for tax-exempt social clubs

4.76.16 Exempt Organizations Examination Guidelines - Social and Recreational Clubs - IRM §501(c)(7)

7.25.7.1 Exempt Organizations Determinations Manual - Social and Recreational Clubs

7.25.7.7 Exempt Organizations Tax Manual - Computation of Unrelated Business Taxable Income for Social Clubs

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