EIN or Employer ID Number is an essential tax identifier for every business. EIN and SSN (Social Security Number) works the same as a unique identifier, and most companies need an EIN. The most important reason why your business needs an EIN is that it is used to identify your business for tax purposes. Also, it is the primary requirement to apply for a business credit and debit account, loan, state and local taxes, permits, licenses, and registrations such as local sales tax.
How to Acquire EIN for Your Business?
You can apply for your business EIN in many ways:
- By phone
- Using assistant application
- EIN assistance agency like irs-taxid-numbers.com.
If you’re using the online application or by phone, you can get your EIN immediately. But before you begin the process, it’s a wise idea to print out or download a copy of the application form IRS SS-4. It is recommended before you proceed with the application question, so you’ll have the time to answer all the items needed.
Find EIN for Your Business
At some point in your life, there will be a scenario when you’re working with something through your business application or document, and there’s a question asking for your EIN, and you can’t remember this nine crucial identification of your business. Now, what are you going to do?
There are three ways to find your business EIN:
- The original document of the receipt you received from the IRS when your application for EIN has been granted
- Your business tax return paper from previous years
- Or, your state’s business division website, notably if the business is registered as a partnership, LLC, or corporation with your current state. Besides, all states in the US have a business lookup feature on their website.
Also, you can search for your business EIN on other documents as well:
- Business bank account documents
- Your business application for a loan
- Your business application for a credit card
- A copy of your business tax permit, or local license
- On your 1099-MISC Form, you received as an independent contractor or a freelance worker
- The 1099-MISC Form that you utilized to make payments by your business to third party workers.
Search for Your EIN with the Help of IRS
You may ask the IRS to look up for your EIN by calling their Business and Specialty Tax Line at 800-829-4933. The department is accepting calls from 7 a.m. to 7 p.m. local time, Monday to Friday. However, the only authorized person in your business is allowed to get this information.
The IRS will verify your identification, and you should be able to prove your identity to the agent as a corporate officer, an LLC owner, a partner, or the sole owner of the business.
The Business EIN and Company’s Identity Theft
As you may know, it’s an easy task for someone to get your company’s EIN. These scammers and fraudsters may use your business EIN to steal your company’s business identity. The IRS can recognize if a particular business is the target of these thieves. They suggested some essential ways to be cautious for identity theft business related to taxes. Your company might have been hacked by these thieves if:
- You receive tax notices about unknown employees
- Business tax return already changed even if you didn’t file
- You receive unknown bills for a line of credit card you don’t have.
The best solution to check for business identity theft is to request a copy of the business credit report periodically. Check it thoroughly for any unauthorized charges and expenses.