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Things To Know While Applying For An EIN For Your New Business?

Byozfetch

Oct 20, 2018

Majority of new businesses will require Employment Identification number (EIN), which needs to be applied from the Internal Revenue Service (IRS) for various purposes. EIN is primarily applied for identification of employers and is an important prerequisite for legal purposes as well. While starting your new business, you need to supply your business EIN for opening your business bank account and for filing other applications relating to the conduct of business. IRS will assign your new business with an EIN that is necessary for filing your business taxes and tax payment reporting purposes. Failure of businesses to submit the yearly tax statement to IRS will make your business entity to pay IRS penalty.

If your new business does not an EIN, and you are planning to apply one in the recent future, then this post will help to understand as to how to apply for EIN in different ways.

Apply for Online EIN

Applicants residing or operating a business in the United States or US possessions can apply for EIN online, which is the most user-friendly way of getting an EIN in few steps. It is the most efficient way that you can use to safely and securely get a Tax ID Number and use it immediately to file a tax return or make a tax payment relating to your employees working in your new business. The important benefits that you can gain by filing an EIN application are that you have an option to view, print, and print your respective EIN assignment notice at the end of the online application process. You can approach reputed service providers in EIN application filing, who will help you to obtain your business EIN in a simplified and timely manner without any hassles of filing exhaustive forms by yourself.

EIN Application by Fax

EIN application can also be done under Fax-TIN program, where you can receive your EIN for your new business in 4 working days. All you need to do is to complete the SS-4 application form with relevant information and fax the application to the IRS using the appropriate fax numbers listed on the IRS website. The disadvantage with this process is that you can use only the Fax-TIN numbers to apply for your business EIN, which may change without any notice.

EIN Application by Email

Email EIN application is another option available for the business owners, which may take 4-5 weeks to obtain their EIN by mail for their respective business. IRS provides an SS-4 form which can be downloaded and filled with relevant information signed by the respective business owner and sent to the appropriate address provided by IRS website.

EIN Application by Telephone

Telephone EIN application is applicable only for international applicants who intend to conduct business in the United States but does not have any legal residence, or principal place of business, principal office or agency in the country. The applicants need to call the designated number at the specified time to obtain the EIN after completing the formal application form completion.

By ozfetch