Personal Musings
How to Know if a FEIN Applies to You
What is a FEIN? A FEIN is a federal employer identification number is used for the internal revenue service to identify a business for tax purposes. It is a nine-digit number, much like a social security number, that the IRS uses to identify different entities and is formatted like 12-3456789. All business entities are required to have a tax identification number to identify the taxpayer. To apply for a tax identification number, you can visit the website IRS-EIN-Tax-ID, to fill out paperwork from the Internal Revenue Services known as a SS-4.
Different Entities
To know if you should apply for a FEIN, you should first decide what entity you are. The different entities that require a tax identification number include:
- Sole Proprietor/Individual
- Limited Liability Company
- Trust
- Estate (Deceased Individual)
- Non-Profit Organizations
- Corporation and S-Corporation
- Partnership
- Personal Service Corporation
- Church Controlled Organization
You also need to obtain an EIN number if you:
- People work for you
- Your business operates as a partnership or firm
- You file any tax returns under excise, tobacco, firearms, alcohol, or employment
- Any of your taxes are withheld on revenue, besides pay, paid to a foreign alien
- You operate your business under a Keogh Plan
- You have any affiliation with a trust, IRA, real estate mortgage, farmers’ cooperative, or a plan administrator program
If any of the following applies to you then it is time to apply for your tax identification number. IRS-EIN-Tax-ID has broken the filling process down into three simple steps.
- Select entity
- Enter information
- Review and submit
They have government agents available for any questions. They also provide a processing and filling service to make the process easier. If submitted during business hours, you will receive your EIN that same day via email, typically within an hour.
Personal Musings
Life After Lockdown – Why It’s OK to Still Think About Your Travel Plans
Personal Musings
Hairstyles for Brides with Long Hair
Travel Tips
How To Travel Solo
-
Travel Tips2 months ago
How Gaming Inspires Real-World Adventure
-
City Guides2 months ago
The Ultimate Staycation – Exploring The 8 Best Accommodations in Jindabyne
-
Travel Tips1 month ago
Exploring Equatorial Guinea: A Journey through the Heart of Africa
-
Travel Tips1 month ago
Visiting the UK for the First Time? 10 Things to Consider Doing (2024)