What is an Employer Identification Number (EIN)?
An Employer Identification Number (EIN) is a unique, nine-digit number assigned by the Internal Revenue Service (IRS) to businesses and organizations. It’s used to identify the tax accounts of employers and certain others who have no employees. An EIN is sometimes referred to as a “tax ID number” or a “federal tax identification number.”
Who Needs an EIN?
While individuals don’t need an EIN, certain types of businesses and organizations do. Generally, any business that has employees, pays taxes, or operates as a partnership or corporation must have an EIN. Nonprofit organizations, some trusts, and certain other entities also need them. Your business may be required to have an EIN for other purposes, too, like opening a bank account.
How to Apply for an EIN
In most cases, you can apply for an EIN online, over the phone, or through the mail. Online: You can apply online using the IRS website. The entire process usually takes less than 15 minutes. Phone: The IRS provides a toll-free number to apply for an EIN over the phone. It’s available Monday through Friday, 7am to 7pm local time. Mail: You can download and fill out the IRS Form SS-4 and mail it in.
Using an EIN
Once you have an EIN, it’s important to use it correctly. You’ll need it to open a business bank account, file taxes, and hire employees. You can also use your EIN to apply for business loans, register with state and local governments, and more.
How to Keep Your EIN Safe
It’s important to keep your EIN secure. Don’t share it with anyone who doesn’t need it, like employees or vendors. You should also be aware of scams, like calls from people posing as IRS agents who ask for your EIN. The IRS won’t call you asking for your EIN.
What to Do if You Lose Your EIN
If you can’t find your EIN, don’t worry. You can easily retrieve it by calling the IRS Business & Specialty Tax Line at 800-829-4933. Have your business name, address, and phone number ready when you call. You can also look for it on any tax forms you’ve filed or contact your bank or accounting software provider if you’ve used them to file taxes.
Bottom Line
An EIN is an important number for businesses and organizations. It’s used for tax filing and other important purposes, so it’s important to apply for an EIN and keep it secure. Remember, the IRS won’t call you asking for your EIN, so be aware of any scams.
What is an Employer Identification Number (EIN)?
An Employer Identification Number (EIN) is a unique, nine-digit number assigned by the Internal Revenue Service (IRS) to businesses and organizations. It’s used to identify the tax accounts of employers and certain others who have no employees. An EIN is sometimes referred to as a “tax ID number” or a “federal tax identification number.”
Who Needs an EIN?
While individuals don’t need an EIN, certain types of businesses and organizations do. Generally, any business that has employees, pays taxes, or operates as a partnership or corporation must have an EIN. Nonprofit organizations, some trusts, and certain other entities also need them. Your business may be required to have an EIN for other purposes, too, like opening a bank account.
How to Apply for an EIN
In most cases, you can apply for an EIN online, over the phone, or through the mail. Online: You can apply online using the IRS website. The entire process usually takes less than 15 minutes. Phone: The IRS provides a toll-free number to apply for an EIN over the phone. It’s available Monday through Friday, 7am to 7pm local time. Mail: You can download and fill out the IRS Form SS-4 and mail it in.
Using an EIN
Once you have an EIN, it’s important to use it correctly. You’ll need it to open a business bank account, file taxes, and hire employees. You can also use your EIN to apply for business loans, register with state and local governments, and more.
How to Keep Your EIN Safe
It’s important to keep your EIN secure. Don’t share it with anyone who doesn’t need it, like employees or vendors. You should also be aware of scams, like calls from people posing as IRS agents who ask for your EIN. The IRS won’t call you asking for your EIN.
What to Do if You Lose Your EIN
If you can’t find your EIN, don’t worry. You can easily retrieve it by calling the IRS Business & Specialty Tax Line at 800-829-4933. Have your business name, address, and phone number ready when you call. You can also look for it on any tax forms you’ve filed or contact your bank or accounting software provider if you’ve used them to file taxes.
Navigating the EIN Application Process in 2023
Applying for an EIN in 2023 is much like it is today. You can still apply for free online, by phone, or by mail, and you can still get help from the IRS. But the process has become even easier as more people have begun to apply for EINs. In 2023, you can expect to see more streamlined processes for applying for and accessing your EIN, and improved customer service.
Bottom Line
An EIN is an important number for businesses and organizations. It’s used for tax filing and other important purposes, so it’s important to apply for an EIN and keep it secure. Remember, the IRS won’t call you asking for your EIN, so be aware of any scams.