IRS EIN Number
Business owners use their EINs to run tasks that would need a Social Security number.
Many entrepreneurs have questions about their application for EIN and whether or not they desire one. So we believed we’d provide a few answers.
Based on the IRS, your business must have an EIN if any of these standards apply:
- You’ve got workers.
- Your business runs as a corporation or a partnership.
- You withhold taxes on income other than wages paid to a nonresident alien.
- You’re involved with certain organizations listed on the IRS website.
Beyond filing taxes, you may also need an IRS EIN Number to.
Start a bank account in the name of your business or For company licenses.
Another reason you may want an IRS EIN Number is for identity security.
For instance, if you’re a contractor who works with a lot of clients, disclosing your Social Security Number may expose you to identity theft that is private. Apply for and supply an EIN. This won’t eliminate your opportunities falling victim to identity theft, obviously, but it’ll probably keep the robber from getting your personal accounts.