As a number of attorneys, CPAs, and licensed professionals are aware, many business owners need an Employer Identification Number (or EIN) for IRS purposes. Also known as Federal Employer Identification Number or FEIN, an Employer ID Number is the corporate equivalent to an individuals’ Social Security Number. It should be noted that the IRS recently made changes to the EIN issuance process (for more information, click here.)
How do you know if your client needs an EIN? For example, if your client’s business has employees, if it files any of these tax returns: Employment, Excise, or Alcohol, Tobacco and Firearms, and/or operates as a corporation or partnership, you will need to file for an EIN.
EINs are also necessary for many employers, sole proprietors, corporations, partnerships, non-profit organizations, LLCs, trusts and estates, certain individuals and other business entities. The IRS uses this number to identify taxpayers that are required to file various business tax returns. Individuals who are employers (such as those operating as a DBA, which Attorneys Corporation Services, Inc. can help you file) may choose to either obtain an EIN or use their Social Security Number for the purpose of reporting taxes withheld on behalf of their employees. It may be important to note that an EIN is not considered sensitive information and is freely distributed by many businesses by way of publications and the internet.
Attorneys Corporation Service, Inc. can assist you in obtaining an EIN for your client’s business. Simply complete the application and questionnaire and Attorneys Corporation Service, Inc. will prepare the IRS Form SS-4 and fax or e-mail you a confirmation number within 24 hours! In a rush? Express service is also available if you require the number within the hour.
For more information on forming your new business, including obtaining an EIN, contact one of our experienced customer service professionals today!