- Date : 29/09/2023
- Read: 3 mins
The EIN is vital for business operations, facilitating tax filing, banking, loans, and permits. Find your EIN in tax documents or through your bank.
When starting a business, applying for an EIN or Employer Identification Number is often at the top of the priority list. It helps avail financial benefits like loans and is needed to register your business legally.
Let's discuss EIN in more detail.
- The EIN, or Tax ID Number, is vital for business taxes, permits, loans, and bank accounts
- To retrieve a misplaced EIN, check tax return documents or contact your bank.
- To find the EIN of another company, check registration, use third-party services, contact their finance department, buy a credit report, or search registration forms online.
What is an EIN?
The EIN is primarily needed to file taxes on the business tax form. Although it is generally nine digits long, in India, it is an eleven-digit long code. It is also called a 'Tax ID Number' because it is crucial to file taxes. Additionally, it is required to create a company bank account, ask for loans and permits, get business-related licenses, etc.
Also Read: Taxation for Small Businesses
How to look up an EIN?
If you applied for an EIN in the past and have misplaced it, either of the steps mentioned below can help you find it:
EIN confirmation document
The Revenue Department issues the EIN and sends a confirmation letter when a new business is registered. Search for the letter to find your EIN number on it.
Tax return documents
The EIN number is mentioned at the top right corner of the business tax return document. However, if you located the file and discover that asterisks for security have replaced it. Other relevant documents to find your EIN number include loan applications, credit reports, bank notices, and business license notices.
Contact your bank
If you opened a bank account for your business, contact the bank. They might be able to provide you with your EIN.
Call the Revenue Department
If none of the aforementioned alternatives work, you can call the IRS for your EIN number. Ensure you call during office hours to converse with the Business and Specialty Tax Officer.
Also Read: How to pay taxes on the new portal
How do you look up another company's EIN?
Consider these options to look up the EIN of an entity you don't own.
Check if the company is registered or not.
If not registered, options include hiring a third-party company, contacting their finance department or accountant for the EIN, purchasing their credit report, or searching for local or federal registration forms online. These methods can help you obtain the necessary EIN information for a non-owned entity.
Find the latest articles on tax planning here.