A large amount of natural gas and oil sits beneath the oceans, and as we surpass peak oil, their skills and new technologies are essential. Oil and gas extraction employs some 22% of marine geologists. Some 17% of Earth scientists work in engineering services. For marine geology, this will often be in the siting and design of offshore oil and gas rigs.
Would I request the 645 election? How do I know if it is a qualified revocable trust? If you become successor trustee prior to the death of the grantor (due to incapacitation or disability), then you will not need to obtain an EIN (employer identification number) for the revocable living trust.
When does a trust need to file a form 1099. A 1099 is document that tells the IRS how much you paid to a certain person for the work they performed for you. A revocable trust which is a disregarded entity for federal tax purposes will not have to file a form 1041 return, because it will be filed under the Grantor, Settlor or Trustor's name. If the trust is irrevocable it will have to file a 1041 if it is a complex trust, A complex trust is a trust that is active making distributions or in your doing business. A trust is considered to be doing business if the trust is involved in Business transactions like buying or selling where it would have income or possibly loses. Also if the irrevocable trust makes distributions which would be income to the person receiving the distribution it should issue a 1099. Do not issue a 1099 if the distribution is a gift.