An Employer Identification Number or EIN is needed for a business to begin operating based on standards set by the IRS. Instead of using your social security number, you have your own LLC tax ID number that provides the necessary identification for your business. You have a measure of privacy when disclosing information to clients as well as employees. The federal tax ID number is an essential step for any business and needs can change, including the need to obtain a new number.
No Need to Reapply
For many business owners, there is confusion involving EIN numbers, such as the need to reapply. Once an EIN number has been established for a business, that number will never expire. There is no need to reapply once you have your number. If you lose your EIN number, you do not have to reapply. You can find the number on an old tax return or other business paperwork.
If you used the number to create an account with a local bank or another establishment such as obtaining a state license, you can contact that agency for information. You can also use the Business and Specialty Tax Line to contact the IRS to obtain the tax ID number information.
Applying for an EIN
If you are starting a new business, then you will need to apply for an EIN number. You do have the option to apply online, which makes the process simple. Select the identity type of your business, enter the business information and submit the info to apply for the tax ID. Once your form has been submitted online, you will be able to receive your EIN in a matter of hours or one business day. Such sites as irs-ein-tax-id.com help to streamline the process by offering online application plus customer support.