One of the first steps in establishing your new business is to secure your Federal Employer Identification Number (FEIN) or Taxpayer ID. This number assigned by the IRS is the equivalent to a social security number for your corporation.
The IRS says you will need an EIN if you answer “Yes” to any of the following questions:
|Do you have employees?||YES||NO|
|Do you operate your business as a corporation or a partnership?||YES||NO|
|Do you file any of these tax returns: Employment, Excise, or Alcohol, Tobacco and Firearms?||YES||NO|
|Do you withhold taxes on income, other than wages, paid to a non-resident alien?||YES||NO|
|Do you have a Keogh plan?||YES||NO|
|Are you involved with any of the following types of organizations?
You can apply for your FEIN by either going to the IRS website. Filing is free. However, if you are unsure how to fill out the form consider having IncParadise handle it for you. For more information on how IncParadise can help you file for your FEIN, click here. Click here for a Free Tax ID – EIN« Return to all articles