You may think you are exempt from things such as requiring an employer identification number as an S-Corporation, but this is simply not true. As an S-Corporation, you are held to many of the same standards as a C-Corporation and even something like a sole proprietorship. You want to put in the time to obtain a Tax ID (EIN) number early as an S-Corporation. NO matter what type of business you run, retail, restaurant or any other; when you need to open up a business banking account, file a tax return, all of this will necessitate you having the employer identification number handy. Understanding how to complete the online Tax ID application process is one of the big steps, pieces of the puzzle, in the road to acquiring the identifier.
Steps to Obtaining a Tax ID (EIN) for your S-Corp
- Gathering Required Information for the S-Corporation
- Benefits of Competing an EIN Application Online
- S-Corporation Applications Through the Mail or Fax
- Steps to Obtaining the EIN Number for an S-Corporation
- Valid Reasons for Obtaining the Tax ID (EIN)
What are some required information you need as an S-Corporation to complete your employer identification number application? An S-Corporation is unique in terms of its formation as well as its tax reporting. The corporation itself, though, will share a lot of the same characteristics as something such as a C-Corporation. For this reason, you want to get these details together timely to not delay the employer identification number application process.
For the S-Corporation itself, you need to get together details around the legal name of the business, the principal address and even the formation date of the organization. All this information should be something you have readily available before trying to go through an EIN application.
The next piece of the puzzle is to name who will be the responsible party. The responsible party is the individual representing the business to the Internal Revenue Service. For an S-Corporation, the responsible party is going to be handling the disposition of assets and such in the event the organization was to ever close. The responsible party details you will need include:
- The full name of the responsible party individual
- The person’s Social Security Number or Individual Taxpayer Identification Number
- The legal address of the responsible party individual
- Their full and accurate date of birth
With all of these details in-hand you can then proceed to begin the employer identification number application process as a responsible party.
There are a lot of things to consider when thinking about completing your employer identification number application online. Many of the considerations are rooted in the multitude of benefits that exist to obtaining a Tax ID (EIN) number over the Internet. The online application benefits include:
- Speed of processing. When you apply online, you can complete the entire application and submit to the Internal Revenue Service for processing in a matter of minutes.
- Fast confirmation. The Internal Revenue Service will review the details of the application and get back to you in minutes. If follow-up is needed you can take action quickly.
- Tax ID service help. You can get a lot of help with the assistance of a Tax ID service provider in completing the online application.
The seamless and efficient approach to obtaining an EIN online makes this the most ideal option for many S-Corporation leaders.
As an S-Corporation, you can do a few other things when it comes to trying to obtain your employer identification number. These things include applying through the mail or via a fax machine. Both of these application methods are unique when you compare them to the online application method. These methods will push you to obtain a physical form, the most up-to-date Tax ID (EIN) application form to complete and send to the Internal Revenue Service. The steps to apply for both mail and fax include the following:
- The mail application will require you to fill out the form fully. Once you have the complete form you will then package it up to send it to the Internal Revenue Service via the postal service.
- The fax method is similar to the mail method, but the biggest difference is in the delivery. With the fax method, you are going to be faxing over the form to the Internal Revenue Service for processing.
You can get assistance from a Tax ID service provider for both the mail and fax application methods.
When you have an S-Corporation that needs to get a Tax ID (EIN) number, you need to follow steps to do it properly. The steps to getting an employer identification number include the following:
- Getting together all the mandatory information necessary to complete the Tax ID (EIN) application.
- Deciding on how you apply for a Tax ID (EIN) number.
- Using a professional Tax ID service provider to help with the submission.
- Awaiting the IRS to process everything so you can get your employer identification number.
Some of the reasons for obtaining a Tax ID (EIN) will include a lot of basic business function. These include functions such as opening up a business bank account, filing a tax return, opening up a line of credit, etc. All of this will require you to have a Tax ID (EIN) number in-hand.
When you form an S-Corporation, you want to do some certain steps to get the organization set up from start to finish. One of those steps is going to include obtaining an employer identification number. The online Tax ID (EIN) application process is something you want to get a good handle around. You need to understand how to complete the application, when you should reach out to a Tax ID service provider to get assistance, etc. Understanding the process flow can allow you to get your employer identification number timely to keep the business running smoothly.