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There’s more to business success than simple incorporation. Acquiring a federal tax identification number, commonly known as an Employer Identification Number (EIN), should be one of the first things you do after incorporation.
Think of an EIN as a social security number. It helps the government, especially the IRS, identify your company. The final result is a streamlined tax season, among other benefits.
If you’re operating any business entity, i.e., an LLC, Corporation, Nonprofit, or Partnership, you need to acquire an EIN. This number is key to the successful applications of many business documents you’ll use, including tax forms and invoices.
Without an EIN, you’ll likely find yourself unable to pay or collect on debts, and if your business is taxed, you won’t be compliant with the law. You’ll also need an established EIN for bringing on employees through contract forms.
Keep in mind that sole proprietorships and general partnerships that take on a new structure must obtain a new EIN and that reforming as an LLC or corporation means going through the process again.
An EIN allows your business to comply with essential laws and regulations while ensuring the government knows about your business during tax time. There are a few additional factors to keep in mind as well.
An EIN primarily serves your interests in federal tax reporting. Still, certain states require a state-level tax identification number on top of that.
Obtaining an EIN doesn’t have to be complicated. Complete Form SS-4 with the IRS and submit it to the relevant agencies on your business’s behalf. Our experienced professionals use their expertise and knowledge to ensure this gets done efficiently, leaving you more time to focus on your company.
Obtaining an EIN usually requires the use of a personal social security number. However, if you don’t have one, you can file Form W-7 with the IRS and acquire an Individual Tax Identification Number (ITIN). You can use this number to obtain an EIN.
A Federal Tax ID number, also known as an Employer Identification Number (EIN), is a nine-digit number assigned by the Internal Revenue Service (IRS) to your business. It’s similar to a personal social security number but for businesses.
The most straightforward answer is that anyone who garners revenue through a corporate entity needs an EIN.
Any business entity such as an LLC, Corporation, Nonprofit, or Partnership requires an EIN to conduct business properly. In the course of your business’s life, you will likely need an EIN during the following processes:
Like other business legal forms, it depends on the processing speed you choose. At the earliest, you can acquire an EIN the same day you place an order.
We provide you with the filing service free of charge, no strings attached! We offer other services relevant to those who need an EIN, and you may see them pop up throughout the process. Rest assured, however, that these services are optional, and you’ll be able to decline them at your leisure.