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If we open a bank account class reunion, we would need an…

Customer Question
If we open a...

If we open a bank account for a class reunion, we would need an EIN. How do we fill out the form?

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

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.

Accountant's Assistant: OK got it. Last thing — JustAnswer charges a fee (generally around $32) to post your type of question to Tax Experts (you only pay if satisfied). There are a couple customers ahead of you. We can help you for less if you're not in a rush. Are you willing to wait a bit?

I'm in no rush.

Submitted: 2 years ago.Category: Tax
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Answered in 35 minutes by:
1/19/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,845
Experience: Taxes, Immigration, Labor Relations
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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.

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Customer reply replied 2 years ago
a partnership between two persons, how about a school?
Tax Professional: Lev, Tax Advisor replied 2 years 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.

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Tax Professional: Lev, Tax Advisor replied 2 years 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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