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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3166
Experience:  IRS licensed Enrolled Agent and tax instructor
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I would like to open an account to raise money local family

Customer Question

I would like to open an account to raise money for a local family in need, and my bank said I would need to apply for an EIN, how should I go about it without requesting the family's ssn
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Customer: Any suggestions
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Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

You do not want to use your social security number to apply for the EIN and you don't want the funds to be deposited into an account that is associated with your EIN or SS#. You will need to create a trust, apply for EIN and open a trust bank account.

It might be easier to find a local nonprofit organization or church and ask them to open the bank account with the family as the beneficiary.

Expert:  emc011075 replied 1 year ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

Customer: replied 1 year ago.
Or I could have the family fill out the application for EIN? How long does the process take to acquire an EIN, and could the name that appears on the EIN application be something like the Steiner Family Fund, without having an llc or inc
Expert:  emc011075 replied 1 year ago.

To apply for an EIN you need a person or an entity. One member of the family apply for the EIN or you/they will need to create some type of nonprofit trust.

With certain restrictions you can apply for EIN online and get it instantly. Or you will receive it in mail or fax in one or week.

Expert:  emc011075 replied 1 year ago.

I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.