Business owners use Form SS-4 to apply for a tax ID or Employer ID Number (EIN) from the Internal Revenue Service (IRS). In addition to its identification purposes, you can also use the form for other legal purposes. You'll most likely need to provide an EIN number when applying for a loan or opening a bank account.
Business owners need an EIN for tax reporting and filing purposes. Here are the other entities that can apply for an EIN:
Filling out the form is an essential step if you're thinking about building your business because it's your company's unique identifier to the IRS. Your business's EIN is linked to bank accounts and the other aspects of your business.
Your Application for Employer Identification Number, also called an EIN, is the legal document that you can use to get your respective employer identification number. You may also have to provide an EIN if you're applying for a small business loan, helping in streamlining your application process. You should remember that you'll have to fill out the IRS Form SS-4 before submitting it to the lender. You shouldn't present the actual form.
Employer Identification Number (or EIN) is a nine-digit number that identifies different kinds of companies. Business owners should obtain one for tax purposes. You'll also need an EIN to file and pay payroll taxes if you have a few employees. Other companies will also need an EIN to file a business income tax return.
If you own a single-person LLC with no employees or a sole proprietor, then you're the only exception to this law.
By having your EIN, you can streamline your accounting and bookkeeping practices by separating your corporate and personal finances. You can also simplify your business loan application, establish business credit, and open a business bank account.
On top of identifying your business with the IRS, you'll likely need an SS-4 Form when applying for business loans. It can prove that the IRS legally acknowledges your company, thus, the United States government. You'll need your EIN and SS-4 notice when applying for commercial loans.
Lenders will check your EIN and SS-4 for identification purposes. It'll also be your proof that your business is based in the US. You will not get a card when you receive your EIN, unlike your Social Security number. Your SS-4 Form serves the same purpose as your Social Security card. For that reason, lenders need a copy of your form.
Your lenders can't use tax returns to verify your EIN. The IRS uses the number reported on your tax return to verify your business; however, you may have to deal with typos and clerical errors at some point.
Your accountant may have incorrectly provided your EIN, and the IRS still hasn't notified you of that mistake. Finding a mistake and informing you of that mistake can take the agency months.
If you own a single-member LLC with no employees or a sole proprietorship, you may not need to apply for an EIN. If you're managing any other kind of business, your company is seen as a distinct and separate entity from you. You still have to apply for a business loan under the name of your company.
You should use your business's EIN instead of your SSN, even if they ask you to provide a personal guarantee. That's the time you'll have to apply for an SS4 notice.
If you're applying for a personal loan, you won't need an EIN or the IRS Form SS4. Your loan will be under your name, and your lender will use your social security number for verification instead of an EIN.
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Filing for Form SS-4 isn’t the same as filing for other tax-related documents because the government needs more information from the applicant. But there are different ways you can fill out and apply for Form SS-4.
You can download and print the form from the IRS website (IRS.gov) before filling it out and sending it back to the agency. Make sure to contact the IRS Business and Specialty Tax Line by calling (800) 829-4933. But one thing you have to remember is that the line is only open from 7 AM to 7 PM, Monday through Friday.
You can also directly apply at the IRS website by filling out and submitting the form online. One benefit of the online application is that your correspondence will be in emails, making it easier to find your SS-4 notice for future uses.
Your accountant will also need your EIN and other important information about your business for identification purposes. In other cases, they may ask about your position in the company to prove you’re authorized to obtain a copy of the EIN assignment letter.
If you meet their strict requirements, your accountant will email or send a copy of your business’s EIN assignment letter. The IRS will only deliver or send the letter to the business address you’ve provided them for security purposes.
Doola is a company that specializes in services associated with filing documents. It may include filing for the IRS Form SS-4.
Wondering if you can also sign the form digitally? Our team has a guide on that! Find out if you can digitally fill out the SS-4 to get your EIN. Get the answers you need and more for your company setup process by calling us at +1 (551) 273-2773.
Filing for an EIN online is similar to sending the application through mail or going to the agency. You’ll have to provide your mailing address, Social Security number, and name during the application process. You may also have to provide financial information such as annual gross income.
Once you’ve provided everything, you’ll have to answer a few questions about what kind of taxpayer you are: a corporation with more numerous stockholders, a partnership, or a sole proprietorship? Then, submit the form.
Now, there are three ways to obtain an SS4 form from the IRS. You can get the form by mail, from your local IRS office, or their website. Other possible areas to obtain the document are from different websites or your local library.
If you didn’t include a tax return number, the application might take a few weeks. If you apply by mail, make sure to send your completed Form SS-4. It can take at least a month before you can get your EIN to make a deposit or file a return.