Employer Identification Number (EIN)

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What is an Employer Identification Number (EIN)?

An Employer Identification Number or EIN is a unique number that identifies a business entity. It is a permanent number that is never replicated for the use of another business. The EIN is also known as a Federal Tax Identification Number. 

What is the Employer Identification Number (EIN) for? 

The EIN can be likened to a fingerprint for businesses. It is assigned to a business for monitoring taxes and business identification. Additionally, an EIN can also be used as a requirement for opening a business bank account, when applying for a business loan, for licenses and permit business identification, filing state taxes, and electronic tax returns. 

I am a sole proprietor. Do I8 need an Employer Identification Number (EIN)?

If you are a sole proprietor of your business and you have no employees, you do not need an Employer Identification Number (EIN). This is because you can file your business income taxes as part of your income tax return. 

However, even as a sole proprietor, you will an EIN in case of any of the following: 

Who needs an Employer Identification Number (EIN)? 

In general, all businesses need to have their own EIN. According to the Internal Revenue Service (IRS), you will need an EIN if any of the following scenarios apply to you:

Is Employer Identification Number (EIN) the same as Tax ID number?

A tax ID number is a generic or general term that the IRS uses to refer to numbers that are allowed to be used for tax identification. 

To put it simply, an Employer Identification Number (EIN) is a type of tax ID number. 

There are three types of Tax ID Numbers that the IRS recognizes. These are: 

I already have an EIN but I misplaced it. What do I do? 

If you have already been issued an EIN for your business but have lost the number, you need not request a new one. There are steps that you can take to retrieve your EIN. 

I think my EIN is being used by another business. What can I do about it? 

In case you suspect that someone is using your business name and EIN and might be submitting fraudulent W-2 forms or tax returns, report it to the IRS. Fill out and submit the following forms to the IRS:

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