The Employer Identification Number (EIN), the Federal Tax Identification Number (FTIN), or the Federal Employer Identification Number (FEIN) for your company is like a Social Security Number (SSN). The EIN enables the Internal Revenue Service ( IRS) to classify taxpayers and record the tax reporting of a corporation.
Choose a business entity, including a limited liability company ( LLC), partnership, corporation (S-Corp or C-Corp), etc., and shape your business before you receive an EIN. You will be asked to include the date of your company’s formation when you receive your exclusive nine-digit EIN, and you would always want to name your company to ensure the name is not stolen.
How Much Does it Cost?
Application for an EIN is a free service that the IRS provides. Beware of the websites that demand a fee for this free service on the Internet.
All EIN applicants (mail, fax, electronic) must reveal the actual principal officer, general partner, grantor, owner or trustee ‘s name and Taxpayer Identity Number (SSN, ITIN, or EIN). This person or organization, who would be considered the “responsible party” by the IRS, governs, oversees or directs the applicant organization, and disposes of its property and funds. The liable party must be a citizen (i.e., a living human) and not an agency unless the applicant is an entity.
How To Get A Free EIN?
The fastest and easiest way for taxpayers to have a free EIN is to apply online using the EIN Assistant on the IRS website.
Here are some valuable details to help you in applying for your EIN. We have made the application process for the EIN Assistant easy to follow:
· The IRS working hours to get your EIN are from 7 a.m. Monday-Friday. Before 10 p.m.
· Only the USA and U.S. businesses that are operating in the defined territories are eligible.
· You should have a verified Taxpayer ID Number (SSN, ITIN, EIN)
· The owner of the company or responsible party can apply only once a day.
· Your form must be filled out and therefore, can not be stored in one session.
· If not in use, the session will be time-out after 15 minutes.
· You will obtain an EIN directly after you complete the form.
· Documents can not be accepted unless an EIN has been obtained online before
By filling out Form SS-4, you can register for an Employer Identification Number (EIN) via fax or mail. If you request an EIN application via fax, give it to fax number (855) 641-6935. When you apply by mail, send your application to Internal Revenue Service, Attn: EIN Operation, Cincinnati, OH 45999.
During the EIN verification process, you’ll need to answer the following questions.
· Which sort of company do you want to start? (LLC, company, sole proprietorship, etc.)
· How many in numbers the shareholders do you have, and in what state are your company located?
· Why your company is requesting an EIN?
· Tell more about the responsible party of your company.
You will also need to fill in the details, SSN or TIN, and contact information from your company’s responsible party. You should also contact the IRS customer support line by dialing (800) 829-1040 if you have any more concerns.
Conclusion:
If you start a business or grow, applying for an employer identification number can get kicked to the bottom of your to-do list. Yet don’t let the wayside drop this all-important task. An EIN is essential for most kinds of companies to file taxes. So even though that is not a requirement for yours, there are many advantages to getting your own EIN.
Thankfully it’s free and easy to apply for. Collect some essential business information and go to the IRS website for online application. Later, you will be thankful for achieving this essential factor of ownership of the company. Visit this site for more information.