The Employer Identification Number (EIN) is one of the crucial pieces of information you’ll need when it comes to managing a business. We can say it’s an identity number for business in the same way as a Social Security Number (SSN) for individuals. The IRS uses this number to track tax obligations, employee payroll, and more.
You may come across the term EIN, if you run a business or freelance. But what is this unique number exactly, and how to find the EIN, if you have lost it?
In this brief we will unfold everything you need to know about your Employer Identification Number (EIN). How to find it? What does it look like? Where to get one?, and how does it differ from other tax IDs?
What is an EIN Number?
For business owners, an EIN is crucial in your financial toolkit. This unique 9-digit number serves as a business identity, issued by the IRS to identify your business for tax purposes. We often call it a Federal Tax ID Number, and it is the foremost entity of many companies.
EIN Format Example: XX-XXXXXXX (numbers only)
When did we need an EIN?
We generally need an EIN while:
- Filing tax returns
- Opening a business bank account
- Applying for business licenses in New York
- Hiring employees
Why It’s Important to Get an EIN Number?
It’s important to get an EIN, whether you’re a growing startup or an established company. It’s essential to consider several aspects:
- Building business credit
- Applying for licenses
- Opening business bank accounts
- Accessing financing or corporate credit cards.
It’s important to know that sole proprietors without employees may not need one. At the same time, many other businesses are legally required to have an EIN.
NYC Lookup EIN | How Do I Find an EIN Number?
If you have misplaced your EIN, here are six proven ways to locate it:
1. IRS Confirmation Letter
When you first received your EIN, the IRS sent a confirmation notice (Form CP-575). This letter contains your EIN.
2. Past Tax Returns
You can also find this on your EIN appears on business tax returns such as Form 1120 (Corporation), Form 1065 (Partnership) and Schedule C (Sole Proprietor).
3. Business Bank Account
Most of the banks require an EIN to open a business account. Check your bank documents or statements.
4. Official IRS Documents
You may find your EIN on IRS Notices or letters and payroll documents like 941.
5. Contact Us
Contact us at 718-523-0107. Be prepared to verify your identity.
6. Get Help with an Accountant or Tax Preparer
If you’ve worked with a CPA or tax service, they may have your EIN on file.
If you are facing any difficulty related to tax or EIN, Tax King can help you along the way! Providing high-fi NYC tax services is our speciality!
EIN vs. Tax ID
This is the most common question asked by many about business identity. Is an EIN the same as a Tax ID?
Yes, an EIN is a type of TIN (Tax Identification Number ).
EIN (Employer Identification Number) is a business identity number, also known as a Federal Tax ID.
TIN (Taxpayer Identification Number ) is an umbrella term that includes EINs, SSNs, and ITINs.
How to Get an Employer Identification Number (EIN)
If you don’t already have an EIN, Tax King can help you get one quickly and correctly. An EIN is essential for your business, and we make the process simple and stress-free:
1. Fast Online Application
Our team completes the IRS online application for you. We make sure all information is accurate so you can receive your EIN immediately after submission.
With Tax King, getting your EIN is fast, easy, and completely handled by professionals who know the process inside out. We ensure all forms meet IRS requirements and handle any follow-up so you don’t have to worry about delays or mistakes.
Need Our Assistance?
If you are unsure how to locate or apply for your EIN. Or confused whether you even need an EIN or not, Tax King Inc. is here to help.
Contact us today to speak with a licensed tax professional.
