Overview of Employer Identification Number (EIN)
Applying for an Employer Identification Number (EIN) is a free service offered by the Internal Revenue Service. An EIN identifies your business for tax purposes and is essential for various business activities.
EIN Application Process
To get an EIN, visit the IRS website and fill out Form SS-4 online or by mail. Applying online is the easiest and most common way. The IRS provides the EIN immediately when applying online.
EIN Benefits and Usage
- An EIN is used to identify the taxpayer for tax purposes.
- Much like a SSN, an EIN is used to fulfill various business-related requirements such as opening a bank account, filing taxes, and hiring employees.
EIN Cost and Renewal
Getting an EIN is free. The IRS does not charge any fee for this service. After assigned, the IRS does not require EIN renewal except in special circumstances. You must file income taxes for your company every year using the assigned EIN.