Khadija Khartit is a strategy, investment, and funding expert, and an educator of fintech and strategic finance in top universities. She has been an investor, entrepreneur, and advisor for more than 25 years. She is a FINRA Series 7, 63, and 66 license holder.
In This Article In This ArticleAn Employer ID Number (EIN) is an important tax identifier for your business. It works in the same way a Social Security number does for individuals, and almost every business needs one. The most important reason for an EIN is to identify your business for federal income tax purposes, but it’s also used to apply for business bank accounts, loans, or credit cards, and for state and local taxes, licenses, and other registrations (like sales tax or a local business license).
Your business will need an EIN when:
You can apply to the IRS for an EIN in several ways: by phone, fax, or mail, or online. Filing online using the IRS EIN Assistant online application is the easiest way. You can get your number immediately using the online or phone option.
It’s a good idea to print out a copy of the application form (IRS SS-4) before you begin the application process. Work through the application questions so you have all the answers you’ll need.
Beware of Fake EIN application sites. They look like the IRS site, but they'll charge you to file the form. The IRS never charges for this application. Here are some ways to tell whether the site is the "real" IRS:
More often than not, there will be an instance when you're working through a business document or application, and you come upon a question asking for your EIN. What if you can’t remember it? The three best places to find your business EIN are:
You could also look for your EIN on other business documents or applications, including:
You can ask the IRS to search for your EIN by calling the Business and Specialty Tax Line at 800-829-4933. This department is open from 7 a.m. to 7 p.m. local time, Monday through Friday.
Only the “authorized person” for your business can obtain this information. The IRS will ask for your identification, and you must be able to prove your identity as a sole proprietor, a partner in a partnership, an LLC owner, or a corporate officer.
You may also need a tax ID number in order to pay taxes to your state. Even states that have no income tax may have other taxes you'll need to pay. Check with your state's department of revenue for more information.
Getting someone else’s EIN is a more challenging process. Many of the documents with an EIN on them are public documents (available for public information), but there's still an overall concern about privacy and business identity theft.
You can look the business up on the EDGAR Search service on the Securities and Exchange Commission (SEC) website if it's a public company (with shares traded by the public).
Your search will be more difficult if the company isn't a public company. You might be able to buy a business credit report for the company, or you might be able to find another public document that includes the company’s EIN.
It’s easy for someone to get your business EIN, and they might be able to use it to steal your business identity. The IRS recognizes that a company’s EIN may be the target of hackers and identity thieves. It suggests some ways to be watchful for identity theft related to taxes. Your business may have been hacked if:
The best way to check for business identity theft is to get a copy of your business credit report. Check it in detail for unexplained creditors and inaccurate or out-of-date information.
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