Does your Business Need an ID?
Anyone who runs a business knows that having the proper paperwork in the right order is essential to long-term successful operations, especially when it comes to taxes. Whether you are a small business or a large corporation, the rules are essentially the same when it comes to taxes – if you have employees or plan on hiring employees, an Employer Identification Number (EIN) is necessary.
According to the IRS, if you answer “YES” to any of the following questions, you are required to have an EIN:
- Do you have employees?
- Do you operate your business as a corporation or a partnership?
- Do you file any of these tax returns: Employment, Excise, or Alcohol, Tobacco and Firearms?
- Do you withhold taxes on income, other than wages, paid to a non-resident alien?
- Do you have a Keogh plan?
- Are you involved with any of the following types of organizations?
- Trusts, except certain grantor-owned revocable trusts, IRAs, Exempt Organization Business Income Tax Returns
- Real estate mortgage investment conduits
- Non-profit organizations
- Farmers’ cooperatives
- Plan administrators
Applying for an EIN is a relatively simple process. You can apply through the IRS for free and submit the required paperwork, IRS Form SS-4, by mail, phone, fax or online. The form to acquire an can be found on the IRS’s website or you can request it by mail. Once you have submitted the proper form, the IRS will respond with a paperwork containing your EIN, which you can then use going forward.
ACS East is the leading provider of comprehensive solutions for Business Identification Solutions, including those in government, corporate, healthcare, educational and financial industries. Understanding the need for an added measure of security as well as having proper Business ID Services, ACS East provides custom solutions to meet the unique needs of each and every customer.
For more information about how ACS East’s customized Business ID Solutions, contact them today, where they will be happy to discuss the right Identification Solution for your organization.