Do you own a personal service corporation that is just getting off of the ground? Do you want to check everything off the list to ensure you are IRS compliant out of the gate? How about performing a normal business activity such as opening a business checking and savings account? If the answer to all of this is a yes, and it likely is, then you are going to need an employer identification number as soon as possible. Understanding the application process is pivotal to make sure it is smooth from start to finish.
Steps to Getting a Tax ID (EIN) Number for yolur PSC
- Information That is Mandatory
- Applying for the EIN Online For the Corporation
- Different Ways to Apply for a Personal Service Corporation EIN
- How you get a Tax ID (EIN) for Your Personal Service Corporation
- How Long to Wait for the EIN
When you are talking about obtaining an employer identification number for your personal service corporation, you need to start with the mandatory information. This is going to be the required information you must have on-hand when you go to apply for the employer identification number. Having this information handy is paramount. When you have the information you will be better equipped to go through the full application process. Some of the details you will need for the organization will include:
- The name of the organization
- The principal address of the personal service corporation
- The date of the formation
You will also need information on the responsible party. This will be the person representing the business in the eyes of the Internal Revenue Service. He or she would be responsible for the disposition of assets, for example, should the personal service corporation no longer exist. With a personal service corporation, you must name just one individual to take this role. Details you need on this individual you will need will include:
- Their full legal name
- Their date of birth
- Legal address
- Social Security Number or Individual Taxpayer Identification Number
The quickest and easiest path forward when you need an employer identification number for your personal service corporation is to apply online. Some of the benefits you will get when you decide to apply online for the Tax ID (EIN) number include:
- The amazing speed of online processing. The whole application is something you can usually fill out in less than fifteen minutes in total. You will submit it for the processing by the IRS instantly.
- The Internal Revenue Service can process and review the full application in a matter of minutes. If there are any follow-ups necessary you will know it the right way to react and close the loop.
- The assistance from a Tax ID service provider can simplify things further, helping you complete the online application form with ease.
- You can have your Tax ID (EIN) number in-hand in just a matter of minutes.
You have more options than just the online application method when talking about a personal service corporation Tax ID Number. Some of the different ways that you can apply include applying via the mail, fax, or over the telephone. Details on each include:
- With the telephone application method, you start by placing a call into the Internal Revenue Service. You will then be waiting for their follow-up requests which will be the documentation you need to mail or fax to them.
- The mail application method requires the physical form to be completed start to finish. You need to include all of the mandatory information and then mail it off to the Internal Revenue Service.
- The fax application method requires the physical form to be completed as well. Once you get it all documented you will then be faxing it to the Internal Revenue Service for processing.
Now that you have details about various parts of the process, let us bring it all together with the clear steps on how to get a Tax ID (EIN) number for your personal service corporation.
- You need to start by gathering up all of the required and mandatory business information on the personal service corporation.
- You need to decide as to how you are going to go about applying or the tax identification number.
- Once you decide on how you will apply, you then need to go through the full application process.
- You then work with a Tax ID service provider to apply to the Internal Revenue Service.
- You wait for the processing by the IRS when you will then have your EIN in-hand.
How long will you be waiting to get your hands on your employee identification number? Some of the details to provide insight into this space include:
- When you apply via the online application method, you can expect to have your EIN within one hour or so.
- Applying via a fax machine will require more time, usually around five to seven business days before you get your EIN.
- The mail application method is the slowest by far. Depending on how busy the Internal Revenue Service is, it may take up to four to six weeks, or even longer before they can deliver back to you a complete Employee Identification Number (EIN).
You want to do your part in making sure your personal service corporation gets off on the right foot. This means doing all of the organizational things out of the gate that will ensure success. You need to be compliant with the Internal Revenue Service, you are going to want to open up banking accounts, take out loans, etc. To do all of this, to manage any of your assets properly, you need a Tax ID (EIN) number. Getting this earlier in the life of the personal service corporation will make things much easier down the line.