Apply for a Tax-ID (EIN) number with the IRS.

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What is an Employer Identification Number (EIN)?

An EIN is a unique nine-digit number that identifies your business entity with the IRS. When you file federal tax returns, this number is used to identify your business. It’s also sometimes called a Federal Employer Identification Number (FEIN) or Federal Tax Identification Number.

Simply, an EIN is like a social security number for your business.

Applying for an EIN

Applying for an EIN is free. The application form available on the IRS website can easily be filled and submitted electronically. Once the online information has been validated, your business EIN is assigned immediately.

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Why a business needs an EIN?

A business needs an EIN in order to pay employees and to file business tax returns. Furthermore, financial institutions including banks, credit unions, and brokerage houses will not open an account for a business without an EIN.

Self-employed individuals (ex: subcontractors) are typically required to have an EIN, which is used by the primary contractor to report all business income paid to the subcontractor to the IRS.

Businesses with special considerations

Businesses that have changed their ownership structure typically have to apply for a new EIN. For example, sole proprietors who plan to incorporate their business must apply for a new EIN.

Depending on the nature of a particular taxpayer, the EIN may or may not be the TIN used by the IRS. For sole proprietors, the TIN is their Social Security number or an employer identification number. For corporations, partnerships, trusts, and estates, this number is an EIN.

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Connect with a small, black business advisor today. Let us help you through every step of applying for an EIN.

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