What is a Federal Tax ID Number (EIN)?
Businesses and some other entities are identified by their nine-digit Employer Identification Number (EIN), which is provided by the IRS. EINs, also known as Federal Tax IDs, are frequently used for banking and taxation purposes as well as for business registration with the federal government.
Why do I need an EIN?
An Employer Identification Number (EIN) may be required for any of the following reasons:
- Federal tax purposes: An EIN is the federal tax identification number for a business and is used for federal tax filings and other tax-related documents.
- Hiring employees: An EIN is required to hire employees, allowing for payroll tax withholding and employment tax return filing.
- Business structure: Corporations and partnerships must have EINs, even if they do not employ workers. Single-member LLCs taxed as corporations also require an EIN.
- Banking: Financial institutions often request an EIN to open a business bank account.
- Business Credit: An EIN is necessary for applying for business credit cards and establishing business credit history separate from personal credit.
- Licenses and permits: Some state and local licenses or permits may require an EIN.
- Professional credibility: Having an EIN can indicate that a business is formally established when interacting with clients, vendors, or lenders.
- Protecting your SSN: Using an EIN on business documents instead of a Social Security Number may help protect personal information and lower the risk of identity theft.
- Certain types of businesses: Entities that file excise tax returns, manage estates or trusts, or operate as non-profit organizations generally need an EIN.
- Self-employed retirement plans: A self-employed retirement plan such as a Keogh plan or solo 401(k) requires an EIN.
Obtaining an EIN may be advantageous even if not specifically required.
When will I receive my EIN?
If you place an order for expedited delivery during business hours, it will be delivered the same business day. The following business day will see the fulfillment of orders placed after hours or on weekends. All standard delivery orders will be processed within 1-2 business days. Business hours are Monday through Friday from 9 a.m. to 5 p.m.
How can I locate my pre-existing EIN?
You can call the IRS to look up your EIN if you have one but have misplaced, forgotten, or lost it. The Business & Specialty Tax Line can be reached by phone at 800-829-4933, Monday through Friday, from 7 a.m. to 7 p.m. To maintain security, an assistant will ask you identifying questions before giving you your number over the phone.
Is an EIN required to open my business bank account?
To open a business bank account, the majority of banks will need an EIN. Sole Proprietors may be able to open a business bank account with some banks by using their SSN instead. Even so, some banks may still prefer an EIN.
Does my EIN expire?
There is no expiration date on an EIN. An EIN is valid for the life of the entity or person in the case of a Sole Proprietor. Please be aware that the IRS can only issue one EIN to Sole Proprietors, which is associated with their SSN.
Billing
What is the EIN filing service fee?
The goal of this service is to make the process of obtaining your EIN quick, safe, and 100% electronic. It includes a dedicated specialist who supervises the submission to the IRS and any correspondence with the IRS on your behalf, reviewing and ensuring your documentation is accurate and comprehensive. This service is provided for a one-time cost which varies depending on how quickly you need your EIN.
Which forms of payment are accepted?
At the moment, American Express, Visa, MasterCard, and Discover are accepted. Every payment is handled in a secure setting that complies with PCI.
Is it possible for me to cancel my order?
If you utilize our service to order a new EIN and our representatives are unable to secure your EIN, you will be issued a full refund.
Is a refund possible?
After we receive your EIN from the IRS, there are no refunds. Depending on how much work our team has done at the time of the cancellation or refund request, partial refunds might be given.
How much time does it take to process a refund?
Refunds typically show up in your account 3-5 business days after being processed. However, this could take longer, depending on the credit card provider or bank. Please be advised that if a payment method is discontinued, no longer valid, or stops working for any reason, we will not be responsible for any losses you may sustain. This includes cancellations, closures, and restrictions on the functionality of the original payment method.
What happens to my information if I don't pay?
If you do not complete the process by submitting a payment, we will not handle the application. All of the information you submit is encrypted using SSL technology to add an extra layer of protection.
If I dispute the transaction, may I get a refund?
Please contact us directly if you have any questions, concerns, or would like a refund on our service. Our customer service representatives can be reached by phone or email. If you file a dispute with your bank directly, it could take more than 20 days for the money to be returned to your account. Additional papers will also need to be filled out. We kindly request that you contact us directly to obtain a refund and to cancel any claims you have already made. We issue refunds in accordance with our Refund Policy. For details on our Refund Policy, please see our Terms of Use. However, if your card was stolen or lost and someone else used it to pay for a service on our website, please contact the fraud department at your bank so they can look into the matter.