Does Your Business Need an EIN (Employer Identification Number)?
First of all, not everyone may know what an EIN is. EIN stands for Employer Identification Number and it is needed identify your business. It is also needed to separate your financial business from your personal finances.
If you operate a business, have employees, or operate as a corporation or partnership, you will need to apply for an EIN. Also, if you’re filing for excise, alcohol, tobacco, and firearms, an EIN number would be most beneficial. Operating your own business isn’t the only reason you’d want to apply for an EIN. According to the Internal Revenue Service (IRS), if you are involved with the following organizations, you’ll also need to apply for an EIN:
- Trusts, except certain grantor-owned revocable trusts, IRAs, Exempt Organization Business Income Tax Returns
- Real estate mortgage investment conduits
- Non-profit organizations
- Farmers’ cooperatives
- Plan administrators
How You Can Apply for an EIN
Applying for an EIN isn’t a complicate process as it may seem. Oftentimes, when you’re starting a new business, so many obstacles can occur. So naturally, when it comes attaining something crucial like an EIN number, one might think that it’s a long and drawn out process. On the contrary, with technology today, applying for an EIN number is easier than ever.
There are 4 ways you can apply for an EIN number:
Getting your EIN number by applying online is going to be the quickest and most effective way. It’s also the most preferred method because there is a proper paper trail. Once you apply online, the application is immediately validated and you can receive your EIN within seconds.
Applying by Fax
Once looked at as the fastest way to convey information, faxing is still relevant for those who choose to send a hard document. It’s also a good alternative for those who don’t want to go through the process of scanning their documents and emailing them. If you wish to fax in your EIN application, download form SS-4. All of the instructions are included in this document.
Apply by Mail
If you prefer to do it the old-fashioned way that has been tried and true, you can always mail in your SS-4 form. The processing time typically takes about 4 weeks.
Applying by Phone
This option is more for international applicants. International business owners wishing to establish a business in the United States need to obtain an EIN. In order to apply for an EIN, international business owners are required to call the IRS to get authorization to receive an EIN. The number to call here is 267-941-1099 between the hours of 6:00 a.m. to 11:00 p.m.
If you want to know more about how to apply for an EIN, visit the official IRS website.
Success Tax Relief: Assisting Businesses Tax Needs
If you’re overwhelmed with the options and would prefer to have someone take care of it for you, considering having the experienced professionals from Success Tax Relief. Call us at 877-825-1179 or contact us online today.