When starting a new business, you will need to apply for an EIN number. This is a tax identification number that will be used to get your finances in order by opening up business bank accounts as well as being used for tax purposes. Filing for an EIN is simple and can even be done online. Whether you are starting a new business or opening a non-profit organization, a tax ID number is needed to get the ball rolling.
A business or non-profit organization tax ID number will be a nine-digit number that the IRS will set and use to identify the business. As far as limits are concerned for EIN applications, in the past, the IRS allowed for five EIN numbers to be issued per day. However, in 2012, this number changed to just one per day.
The application methods for obtaining an EIN number did not change at this time but the limit to 1 per day was enacted to ensure that fair and equitable access to every applicant was provided. The responsible party of the entity is required to fill out any application for an EIN number when a new legal entity is formed or in certain instances when an entity decides to change ownership or the structure of ownership.
When applying for a tax ID number the process can be completed online. The responsible party will need to fill out the appropriate application, which can be done via tax ID service sites such as irs-ein-tax-id.com. With staff on hand to provide assistance online while you fill out the application, the process is streamlined. You should receive your new tax ID number in just a few hours or one day’s time. The quickness of the service will allow you to get started with your new business straight away.