The Employer Identification Number (EIN) is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify businesses for tax purposes. It is used by employers, sole proprietors, corporations, partnerships, and other entities to report taxes and file various business documents. The EIN is similar to a social security number for businesses and is necessary for opening bank accounts, hiring employees, and fulfiling tax obligations.
An EIN is a unique nine-digit number assigned by the IRS to identify businesses for tax purposes.
Any business entity that hires employees, has a Keogh plan, or is required to file any type of federal tax return must have an EIN.
You can apply for an EIN online, by mail, fax, or phone. The online application is the fastest and easiest method.
No, there is no fee to apply for an EIN.
If you apply online, you can get your EIN immediately. If you apply by mail, fax, or phone, it can take up to four weeks to receive your EIN.
If you are a sole proprietor with no employees, you can use your SSN instead of an EIN. However, it is recommended that you obtain an EIN to protect your SSN from identity theft.
No, you cannot change your EIN. If you need to change your business structure or ownership, you will need to apply for a new EIN.
No, EINs do not expire and do not need to be renewed.
No, each business entity must have its own unique EIN.
You can retrieve your EIN by contacting the IRS. If you have lost your EIN confirmation letter, you can request a new one from the IRS.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 13th April 2024.
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