If you have started a new business, there will be all sorts of administrative things that you need to do. One of them is to get an EIN (employee identification number), which the IRS provides. For those who need to perform a business EIN number lookup, it should be pointed out that the EIN is private and thus, only authorized company representatives are allowed to verify it. Nevertheless, most employers would give in to requests for confirmation of the EIN.
What Is an EIN?
An EIN is like a social security number in that it is completely unique. It has nine digits and is used for tax purposes. You need it to open bank accounts, to file tax returns, and to apply for a business license. This is why it should be top of your to do list, even if haven’t used it yet. But it is also why you may need to perform a business EIN number lookup once you get to the point that you actually need to use it, as you may need to check whether you’ve already done it.
Who Needs an EIN?
Any business that has employees needs an EIN. However, non-employers should also get one if they are a partnership or a corporation. If you’re not sure whether you need one or not, the IRS has made a helpful guide available for you to check. There are lots of other rules to be aware of as well, so checking out the IRS publication is probably a good idea.
How Do I Get an EIN?
To get an EIN, you should first complete a business EIN number lookup, just to make sure you haven’t already got one. If you don’t, the IRS offers the EIN Assistant, through which you can apply. Your number will be issued as soon as your application is validated. This service is free and you should never have to pay for it. Alternatively, you can do it via fax or mail.
What about EIN Changes?
It is possible that parts of your business change over time. For instance, you may become a partnership instead of a sole proprietorship. When that happens, you need to apply for a new EIN. If there is a change in your corporation’s location or name, if you have gone bankrupt, or if you become recognized as a corporation, you also need a new EIN. Again, the IRS has made a handy guide available to check this.
Tax Deposits Through Your EIN:
If you hire employees, then you will also be a part of the EFTPS (electronic federal tax payment system), as this happens automatically as part of your EIN application. This means you can make estimated tax deposits, corporate taxes, federal taxes, and more deposits.
What If You Lose Your EIN?
Should you lose your EIN, you can perform a business EIN number lookup to get it back. This means:
1. Looking for your IRS notice that originally listed your EIN.
2. Calling the IRS Business & Specialty Tax Line.
3. Asking license issuers or banks for your EIN number.
4. Finding old tax returns, as this should list your EIN.