An Employer Identification Number (EIN) is also known as a federal tax identification number and is used to identify a business entity. It is commonly used by employers for the purpose of reporting taxes. It is also used by estates and trusts which have income which is required to be reported on Form 1041, U.S. Income Tax Return for Estates and Trusts.
Understanding an Employer Identification Number (EIN)
Just as how the Social security number (SSN) is used to identify individuals in the United States, the Employer Identification Number (EIN) is issued to identify the business entities in the States.
The EIN is a unique nine-digit number issued by the IRS and includes information about which state in which the corporation is registered.
You gain the following benefits by getting an EIN:
- File income taxes for your business
- Seek legal help such as filing bankruptcy in court
- Open business bank accounts for your business
- You can hire employees
- Establish business credit
- Separate business and personal related financial activity
We can help you too!
ITINCAA (AKA TAXANDACCOUNTING HUB) aims to provide expert solutions to you ITIN, EIN, or US Personal tax-related matters considering the appropriate double taxation treaty rules and correct supporting documentation. We have provided EIN registration services for over 18 years, and we are a registered EIN service provider recognized by the IRS.
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