We can help Cheqly clients in EIN filing
IncParadise is proud to partner with Cheqly and we can help your clients with all the EIN filing they need! Since most new businesses or modern-day startups are required to obtain an employer identification number, we have been helping them with their EIN filings for several years. We will be glad to assist you as well. We can help you with the entire process by which you can get an EIN online or offline. Since our team has the necessary knowledge and experience; we can help you file it correctly so that it is approved right away.
What is EIN and what does it stand for?
If you are wondering what an EIN is, then it is a unique nine digit number and it stands for an employer identification number. In the USA, there are different types of Tax Identification Numbers (TINs) and EINs are one such number. The EIN issued by the Internal Revenue Service (IRS) to different forms of businesses, is also known as the Federal Employer Identification Number (FEIN) or simply as the Federal Tax Identification Number.
We can help you with getting your TIN or EIN!
IncParadise, one of the most reputable agents in the country offers a Full EIN service at just $45. Our support also covers:
- SS-4 faxed by the IRS
- IRS Form CP 575 – online retrieved letter from IRS website
- 147C letter – physical confirmation letter mailed by IRS
Why do businesses need an EIN?
In order to understand how to obtain an employer identification number, it is important to first identify the need for businesses to apply for this unique number. If you are planning to start a new business in any state in the US then you may be required to file business and state taxes, which can vary according to the jurisdiction for registration of the said entity. Most entrepreneurs face the question – of why they need an EIN for a business and the answer lies in the eligibility and requirement criteria as mentioned by the IRS.
You can form a wide variety of business structures in the USA and not every form of the structure requires you to apply for an EIN online. If you were to form a single-member LLC or sole proprietorship then you might not need an employer identification number especially if your company does not have any employees. There are certain criteria under which you may need to get EIN online. Similarly, if your business structure is that of a traditional C corporation then you will need an EIN to fulfill all your employer tax responsibilities according to the IRS.
There are other scenarios for why you need EIN for a business. For example, if the current ownership or business structure changes.
For example: If you currently operate a sole proprietorship and change the structure to a partnership or incorporate then you will need to apply for an EIN online.
There are also several other scenarios in which an existing business may need to apply for a new EIN. The rules for the requirement of an employer identification number can be different for different forms of businesses.
What are the benefits of having an EIN number?
There are different types of entities that exist like corporations, partnerships, LLCs, sole proprietorships, trusts, service corporations, professional corporations, and real estate mortgage investment conduits (REMICs) among others. Most of these entities may need to apply for an EIN online or offline with the Internal Revenue Service (IRS). You may find yourself asking what is an EIN and is it beneficial only for paying taxes. There are several advantages for your business and some of the important benefits are:
- Business Taxes – The first and also the most obvious is that when you obtain an employer identification number, it helps you with the filing of business taxes on time and thus avoid tax penalties. An important reason why you need an EIN for business is that the IRS may not accept your tax filing if you don’t have an employer identification number. Apart from tax filings, when it comes to specific tax deductions like home office deductions (conducting business from home); the chance of an IRS audit may decrease if you have obtained an EIN.
- Identity Theft Prevention – When you think of why you need EIN for business; one of the critical areas to focus on is identity theft. Yes, EIN is quite an effective tool against identity theft. Once you obtain an employer identification number, you will not be required to share your Social Security number (SSN) with business vendors, partners, or clients. As a result, your SSN will remain more private thus reducing any chance of identity theft.
These are the most important advantages or benefits that call attention to why you need an EIN for business. There are certain other benefits as well, like:
- Adding credibility to the business
- Easy opening of a business bank account
- EIN helps in building business credit
- Helps in speeding up business loan applications
How to apply for an EIN number?
Once you know what an EIN is and how it helps a business, the next step is to apply for it. This nine-digit tax ID number is assigned to businesses by the Internal Revenue Service (IRS) and is required every time you file a payroll tax return or business tax return. You can apply for an EIN before or after you register your startup. In order to apply for and obtain an employer identification number, you have to follow a specific process as indicated by the IRS. Let’s look at the steps that will help in obtaining this number.
Identify your eligibility status for applying for an EIN
If you want to obtain an employer identification number then the first step is to determine your eligibility status for an EIN. The eligibility takes into consideration why you need an EIN for business and hence has two basic requirements, which are:
- You can apply for an EIN if the principal business is located within the U.S. or U.S. territories. The location denotes the physical location or address from where the business currently operates.
- The person applying for the employer identification number should have a valid US taxpayer identification number like a Social Security number (SSN) or an Individual Taxpayer Identification Number (ITIN). The person doesn’t necessarily have to be the business owner and can be an officer of the company or even the registered agent of the company.
Apply for an EIN with the IRS
If you are planning to apply for and obtain an employer identification number then there are different ways to do so. The online filing of EIN is available only for those businesses or individuals who have a Social Security number (SSN) or any Taxpayer Identification Number (TIN) like ITIN, ATIN, or PTIN. When we talk of what an online EIN application method is, then it is incidentally one of the preferred methods. You will be required to fill out an online application and have to complete it in one single session. The validation of the information contained will be done once you submit an online application.
If you don’t have an SSN or TIN and want to apply for and obtain an employer identification number then there are other options available. These are:
- Through Fax – If you don’t want to get EIN online then there is the option of fax. You will however be required to complete Form SS-4 (Application for Employer Identification Number) and fax it to Internal Revenue Service EIN Operation.
- Apply through Mail – You can also apply for an employer identification number through the mail. The process is the same as that of fax.
- Applying by Telephone – This form of application is valid for international applicants
The process to fill and file SS-4 for EIN constitutes complex paperwork and this is where IncParadise can assist you. We have a team of professionals with knowledge pertaining to EIN requirements especially if you don’t have an SSN or TIN. We provide full EIN services that will help you obtain an employer identification number.
Do you want to obtain your employer identification number (EIN)?
How long will it take to get an EIN?
Once you have submitted the form SS-4 to obtain an employer identification number, the processing time can vary from 4 to 6 weeks. The longer processing time is used by the IRS to determine if the said entity requires a new EIN. On the basis of such determination and appropriate procedures according to entity type (LLC, Corporation, etc.), the IRS will assign a unique employer identification number.
When you use the IncParadise specialized EIN service, you will be able to benefit from fast, effective, and reliable delivery of your tax ID number. We have developed our experience helping thousands of clients with their EIN requirements. We also possess the expertise in handling any problem that may appear in paperwork or filing to obtain an employer identification number and will try to solve any such potential problem or situation.
We can help you get your EIN easily and quickly!
IncParadise is one of the reputed registered agents in the USA and offers excellent EIN filing services. We are now partnering with Cheqly and our services will help their clients to also obtain an employer identification number without any hassle and thus help you to start or operate your business smoothly and effortlessly.
Alternatively, we can help you with:
- The IRS Form CP 575 is an Internal Revenue Service (IRS) computer-generated letter you receive from the IRS granting your Employer Identification Number (EIN). This is the letter you get after you apply for an EIN on the IRS website electronically.
- A 147C letter refers to an EIN Verification Letter which is a document issued by the IRS in replacement of an EIN Confirmation Letter (CP 575). This is why it’s also called an “EIN verification letter.” Third-party can verify a company’s EIN with their permission. You receive this letter when you ask the IRS for a confirmation copy of an already existing EIN.
- SS-4 is used by small businesses to apply for a Tax ID/Employer ID Number (EIN) from the IRS This is the form used to apply for an EIN by mail or fax.
IncParadise is an incorporation specialist in all U.S states. We also provide several additional services based on the different needs or requirements of each business. These services also assist with the process of obtaining specific documents from the relevant government authority.