Employer Identification Numbers, also known as an “EIN” are issued for tax administration. You can use an EIN number for a number of purposes. They aren’t used to participate in tax lien sales, lotteries, etc. You might not actually need an EIN number, because your organization might be exempt. You should consult with a business attorney before you apply for an EIN number if you think your organization might be exempt. Almost all organizations with a tax-exempt status need to make sure that they file the required annual information return or notice. Your organization’s tax-exempt status will be revoked if you fail to file the annual required info for three years in a row. And if you’ve already applied for an EIN, you are considered legally formed and the three-year period begins at that point. So, you should consult with an attorney to make sure it’s done right!
Are You Exempt From Applying For An EIN?
If you aren’t exempt and you will need an EIN and your principal business is in the U.S. or any of its territories, you can apply for an EIN number. You will need a valid taxpayer ID to do this. That could be a social security number or another tax identification number, but you will need this to proceed. You can only get one EIN number per responsible party per day, according to the IRS. Also, the responsible party can’t be an entity, unless it’s a government entity. They will need a taxpayer ID from the actual person.
Applying Onlne For An EIN Is Easy, But Read These Tips!
You can apply online with the IRS using their online form. Now, if you start this form, you have to finish it in one session. If you don’t finish it and you have to leave the session, your information will be deleted and you will have to start all over. When applying online for your Employer Identification Number, you will get your number issued immediately. Be sure that you will be able to sit and finish the application. If your session is inactive for 15 minutes, it will log you out of the system and you will have to start all over.
Once you get this EIN confirmation, you can save yourself a bunch of hassles down the road if you print or download your confirmation notice. Calling up the IRS to get this paperwork is a huge hassle, so when you see your confirmation, make sure to grab that. Also, consider printing and saving the document, so that you ever lose it. Now, you can always call them up, but that is time-consuming, so be sure to just keep extra copies in your business paperwork and online. Some people even e-mail it to themselves or upload it to a cloud somewhere, so that it’s retrievable, even if there were a fire or other disaster.
More Information For Employers About Tax Responsibilities
If you want to learn more about your responsibilities tax-wise as an employer, you can check out the IRS publications 15, 15-A and 15B. Almost all the information you will need such as tax withholding and taxable wage information will be found in the IRS Publication 15. In Publication 15-A, you will find more complex information. If you are starting a business with employees, you should check out this
EIN or State Identification Number: What’s The Difference?
An EIN is also known as a “FEIN.” Your Federal Employer Identification Number is different from your State Identification Number. Your EIN is assigned by the federal government, but you may also need a State Identification Number. You might also have heard the State Identification Number called your “Sales Tax Number.” If you will be selling products, you absolutely need a State Identification Number, because you will use this both to collect and report sales tax involving customer sales and to avoid paying sales tax from your vendors. You don’t use your State Identification Number to hire employees though. To hire employees, you use your EIN. You also use your EIN to file business taxes. Other names for the State Identification Number include the following: Reseller Permit, Sales Tax Permit, Certificate of Authority, Sales and Use Tac Number, Taxpayer ID Number, and Excise Business Tax ID Number.
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