EMPLOYER ID
Businesses need an EIN number to pay their federal taxes online, to file their annual tax return and to issue the payroll and tax documents to suppliers. This number has less to do with the employees and more to do with the taxation, so if your business pays taxes (and who does not), you need to have an EIN number. Your Employer Identification Number is a unique ID number same as the Social Security Number. If you do have the SSN number, only then you may apply to get an employer id. Basically, the SSN identifies the individual residents of the United States. Furthermore, the EIN identifies the business entities in the country which the IRS provides. In addition to this, this tells the information about the state in which your corporation is running. When you apply for getting your EIN number, just mention your state code as well in the form. State code is mandatory to fill in the SS4 form.
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How do i find the EIN for a company?
If you want to hire employees for your business, then you need to have an Employer Identification Number (i.e. EIN). The IRS requires most of the businesses to have an EIN so as to identify each employer’s tax account. In order to get an EIN for their business one need to follow certain steps such as –
Determine if you need an EIN
As per IRS, one need to determine an EIN for the business entity so as to answer the following questions such as –
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Have you any employees in your organization?
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Do you file an employment, excise, alcohol and tobacco or firearm tax return for your business entity?
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Have you any Keogh retirement plan?
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Are you convoluted in any one of the following type of organizations?
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Trusts
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Estates
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Real estate mortgage investment conduits
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Non-profit organization
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Farmers co-operation
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Plan administrator