An EIN or the employer identification number also referred to as the tax ID number is necessary for the majority of the business entities. IRS or the Internal Revenue Service uses the business tax ID number for identifying businesses in terms of their tax obligations. Your business tax ID number is often referred to as federal tax ID and is supposed to be a unique number comprising nine digits that are used by the IRS for identifying precisely your business.
Most business owners would be requiring an EIN or business tax ID number for filing taxes, opening a business account in the bank, obtaining a business license or applying for any business loan. If you do not have your precise business tax ID, you may be deprived of getting critical funding when you are in real need of loans for your business or even for meeting your tax deadline. You must try and memorize this business tax ID or you should have it saved in some easily retrievable place.
- 1 Getting a Business Tax ID No. Or an Employee Identification Number
- 2 Some Relevant EIN Tips
- 3 ‘Business Tax ID Number Lookup’: Explore Best 3 Best Options
- 4 How to Find another Company’s EIN
- 5 Ways to Change Your Employer ID Number
- 6 Ways to Change Your EIN When Changes Are Made to the Business
Getting a Business Tax ID No. Or an Employee Identification Number
We know that the Internal Revenue Service makes it pretty easy to obtain an EIN. Here are some important steps for acquiring an EIN.
Step #1: Determine If At All You Require an EIN
If your business is employing workers, withholding taxes on their salaries & wages it pays or if you are operating the business as basically a partnership or corporation then IRS makes it mandatory for you to get an employer identification number. It is also, required for non-profit organizations, trusts, and estates.
Step #2: Put in Your Application for an EIN
You could consider applying over the phone, fax or mail. Your application must be submitted online as per IRS preference.
Step #3: Answer Five Questions Briefly
While responding to the first question you would be required to choose the kind of EIN you are looking for like as a corporation, sole proprietorship, partnership, LLC, or estate. Then reply to the question of why you are seeking an EIN. You may choose any of the options such as for banking purposes, starting a new business, and for a host of other reasons. You would then need to provide your Social Security Number and name before you could complete the application process.
Step# 4: Consider Saving the Document Along With Your EIN
When you finish filling in every section of your application, a new EIN would be generated by the system. You could start using it right away.
Some Relevant EIN Tips
If by any chance, you lose your unique EIN it is best to get in touch with the ‘IRS Business & Specialty Tax Line’ available at 800-829-4933. Once your application is finalized, the IRS would be assigning an EIN and this specific number cannot ever be canceled. Remember to stay on top of both your taxes and debts for your business to succeed and prosper. Do not forget to browse Nationaldebtrelief.com for professional assistance and perfect debt management solutions.
‘Business Tax ID Number Lookup’: Explore Best 3 Best Options
We would be examining three effective ways of looking up your EIN.
Option #1: Examine the EIN Confirmation Letter
The easiest way you could find your EIN is simply by examining the EIN confirmation letter meticulously. This is the official and original document that was issued by the IRS in response to your application. This letter would be containing your EIN or business tax ID for your business along with certain other important details regarding your business.
Option #2: Look for Other Documents or Records
In the event you have misplaced your copy of the EIN confirmation letter, simply be little imaginative and look for other official documents that may be having your specific EIN recorded in it. Apart from the EIN confirmation letter, you could examine the following documents. Remember your precise Business Tax ID Number would not be changing in this lifetime so rest assured to find it. Some other documents to fish out are:
- Official tax notices issued by the IRS.
- Previous federal tax returns.
- Business permits & licenses.
- Previous business loan applications.
- Business account bank statements or even online account profile or even consider calling the bank for assistance in this regard.
- Your credit report for your business which showcases your credit history with suppliers and lenders.
- 1099 forms or other important payroll paperwork that have been issued by you to various independent contractors.
Some business documents that would not contain your EIN are Articles of Organization, Articles of Incorporation, etc.
Option #3: Call or Contact the IRS for Locating Your EIN
Your last resort is to contact the IRS as they could consider helping you out with the ‘federal tax ID lookup’. You may call the Business & Specialty Tax Line of IRS. A representative would be catering to your request and provide your lost EIN over the telephone.
How to Find another Company’s EIN
Businesses often require looking up some other company’s EIN. You could do so by using any of the following options:
- Ask the concerned company.
- Examine the SEC filings by browsing the website of the Securities and Exchange Commission.
- Obtain the business credit report of the company from credit bureaus like Equifax and Experian.
- Opt for a fully-paid EIN database.
- Use Melissa Database in case of nonprofits.
Ways to Change Your Employer ID Number
According to The Balance smb, “If you made a mistake on your EIN application, such as if you listed a non-owner or officer in Item 3 or elsewhere; do not submit a new EIN application, Form SS-4. According to the Internal Revenue Service, you should submit a letter instead, preferably on your company letterhead.” If you wish to make the rectifications, you need to provide your business’s name, taxpayer identification number associated with the general partner, principal officer, owner, and grantor. Make sure that you have included the business enterprise’s full name, EIN, and of course, the mailing address for IRS to conveniently and correctly locate your IRS account.
Ways to Change Your EIN When Changes Are Made to the Business
If the address or name of your organization changes or your business type is changed, you need to file these modification notifications with the Internal Revenue Service.
In the case you have changed your business name, you could notify the same on precisely your business tax form while filing. We know that the Internal Revenue Service explains the way you could modify your business name directly on its website as per your business form.
In the event your business address is changed, you could just notify the IRS using Form 8822-B meant for Change of Address-Business. Moreover, you could effectively change the type of business entity, for instance, when a single-member LLC changes to a multiple-member LLC by completing IRS Form 8832.
You must keep your EIN safely. It should be secure at all times and consider sharing it only with a restricted subset of people including prospective suppliers, lenders, bankers etc. You must guard and protect your EIN in the same manner you protect your own social security number. Remember the employer identification number is of huge significance for numerous business milestones.