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Does Your Business Need An Ein Number From The Irs?
What Is An Employer Identification Number?
You have spent days and months putting together your new business. You have slaved away trying to figure out all the paperwork that you must file to get your new business off the ground. Did you forget anything? Is there anything missing that you didn’t file with the U.S. government (federally or within your state)? Well, you may have overlooked applying for an Employer Identification Number.
Now, you are wondering, what is an Employer Identification Number? To put it simply, an Employer Identification Number also known as an EIN (along with a variety of other names), is like a Social Security Number for your business. It is a nine (9) digit number issued by the Internal Revenue Service (“IRS”) for your business entity, in the 00-0000000 format. An EIN number is a tax identification number used to file IRS tax returns.
There are a variety of names which all refer to the same thing, such as tax identification number (TIN), federal employer identification number (FEIN), or employer identification number (EIN). Generally speaking, when the EIN number is used for identification only, it is referred to as a tax identification number or TIN. When it is used for reporting employment taxes, it is usually called an Employer Identification Number (EIN) or Federal Employer Identification Number (FEIN).
EIN Number – Is It Really Needed?
All new businesses operating in the United States need to obtain an EIN number. The only exception to the rule are sole proprietors with no employees and do not have to pay any excise taxes. However, even sole proprietors should obtain an EIN number, so that the business dealings can be separate from personal matters with regards to bank accounts and legal paperwork. A sole proprietor should use their Social Security Number personally and use their EIN number for all their business matters.
To specify it further, the U.S. business will require an EIN number when:
* You hire employees for the company;
* You purchase an ongoing business;
* You change the organizational structure of your business (such as from a sole proprietorship to a partnership);
* You want to open a business bank account;
* You have a company retirement/pension plan; and
* You are required to file employment, excise or alcohol, tobacco, and firearms tax returns.
How Do I Obtain An EIN Number?
With all the headache that comes from starting up a new business, it helps to use a tax ID application service to obtain an EIN number from the IRS. Companies such as Employer Identification Number.net can help you apply for an Employer Identification Number quickly and painlessly. Their online questionnaire-style EIN application form is extremely easy to complete, with hints and tips for every question, so that you are never scratching your head, unsure of what to do next. Employer Identification Number.net can usually obtain your EIN number within one (1) business day – for a great price.
Once you have your EIN number in hand, you’re well on your way to completing all the items required to start up your own business!
About the Author
Beverly Larson has extensive knowledge in tax issues for small businesses in the United States. She understands the complexity of issues that new business owners face and tries to alleviate the stress by offering tips and tricks to ease the process.
Small Business: Employer Identification Number (ASL, Captions & Voice Over)