EIN Number Lookup: How to Find Your Employer Identification Number
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An employer identification number (EIN), sometimes referred to as a Federal Tax Identification Number (FTIN) or simply a Tax Identification Number (TIN), is a unique, nine-digit number issued by the Internal Revenue Service (IRS). It serves as a way for the IRS to track and communicate with taxpayers.
While knowing your EIN is important, many business owners don’t keep track of it until they need it, and have no recollection of what it could be. In this article, we’ll take a closer look at what the EIN is and who needs it and offer a few suggestions about how you can find yours.
Key Takeaways
- EIN is a number given to the majority of businesses, especially those who employ people.
- Two ways to find your EIN number is to either look through the official documentation to see whether it is included somewhere, or to contact the IRS directly.
- In order to cancel your EIN, you need to get in touch with the IRS and provide them with a reason for cancellation.
- Best EIN practices come down to keeping your EIN safe, and ensuring that the IRS is updated on changes to your business.
- EIN has several benefits for businesses, including being able to open a business account and build business credit history.
Who Needs an EIN
Since we already said what it is, let’s focus on who needs an employer identification number. To put it simply, anyone employing anyone has to have it, irrespective of how many people they employ. Businesses, self-employed individuals, non-profit organizations, government agencies, even self-employed individuals – they all need to have one.
Some other situations in which you might be required to obtain an EIN include:
- Your business operates as a corporation or a partnership.
- Your company participates in a Keogh plan.
- You deduct taxes from income paid to non-resident aliens.
- You file an alcohol, employment, excise, firearms or tobacco tax return for your business.
- You cooperate with estates, plan administrators, farmers’ cooperatives, non-profits, real estate mortgage investment conduits and select trusts – however, this is only valid for specific industries.
How to Find an EIN
There are a few different ways to find your EIN – let’s go through them now.
Method 1: Check the Official Documentation
If you had a document issued for your business, chances are that your EIN is included in them somewhere – especially in case of business permits and licenses. Examine them carefully to not miss it in case it’s there.
When applying for an EIN, you should also have gotten an EIN assignment notice – your EIN will definitely be there.
Method 2: Contact the Internal Revenue Service (IRS)
One of the most reliable means of employing an EIN lookup is to contact the IRS directly. Since they have all your tax information on file, they can simply look it up for you. There are two ways to get in touch with them:
- Calling the IRS helpline – While the helpline is 100% toll-free, you may encounter extended wait times. So, you should plan carefully when designating a time to contact them. You can phone 1-800-829-4933, Monday to Friday from 7 am to 7 pm local time.
- Requesting an EIN verification letter – You can request an EIN verification letter through the IRS website. They’ll provide you with all the necessary information, which you can then simply add to your file. Once you’ve requested this type of verification letter, be sure to store both a physical and digital copy for your records.
How to Find EIN Number Online for Another Company
In need of finding another business’s EIN? There are a few ways to do that too:
- Reach out to the other company directly – That’s probably the simplest way to do it. Keep in mind, however, that some companies might be hesitant to share that information.
- Use a business credit reporting agency – This type of business has access to documents that allow assessment of business’s financial health, which includes business credit reports, which more often than not also include the EIN number.
- Conduct an online search – There are a few resources that can be helpful here. One of them is the Security Exchange Commission’s website, while for non-profit organizations you can use the IRS database.
How to Cancel Your EIN
If you want to cancel your EIN, you need to send a letter to the IRS with information such as the business’s legal name, EIN, mailing address as well as the reason why you want to close your business account.
If you’re worried about a new business receiving your old EIN, there’s nothing to worry about – the IRS does not re-issue the same number to new entities even after the old entity’s business account gets closed.
Best EIN Practices
Taking care of your EIN and ensuring it is kept safe is very important – so, here are best practices to follow when it comes to your EIN.
Keep Your EIN Safe
When you’re not careful it’s very easy for your EIN to fall into the wrong hands. Keep your EIN safe by:
- Limiting access to your financial information, including your TIN. By keeping the number of people with access to your business’ details small, you limit the possibility that information might leak out. It’s best to share this type of information only with your tax consultants, financial advisors, and other organizations that need it for legitimate business purposes.
- Storing your financial information securely. Any physical documentation relating to your taxes and financial affairs should be securely stored. This is true whether you decide to use a safe or a locked filing cabinet in a room with security. Digital copies should be stored in a digital vault or password-protected at the very least.
- Educating your employees and coworkers. When it comes to this type of situation, your employees need the same level of education as you have. Ensure that they know the importance of keeping all information secured and destroying unwanted documents completely.
Update Your EIN Regularly
Keeping the IRS updated on changes happening to your business is essential. When you want to update your EIN information, you’ll need to notify the IRS by:
- Identifying the changes and which information needs to be updated.
- Obtaining the necessary forms via the IRS website or by visiting your regional IRS office. For businesses, that will typically be the SS-4 form, but if you’re unsure, contact an IRS representative.
- Completing the form with current and up-to-date information.
- Gathering any supporting information and documentation. It’s a good idea to talk to your financial consultant or an IRS representative to ensure that you know which supporting documentation to provide.
- Submitting the form and waiting for feedback.
- Following up to ensure that they’ve received your application and to ensure that everything is in order.
Why Should You Have an EIN
Applying for an EIN should be one of your main priorities as a business owner – and if you’re wondering why, there are a few reasons:
- You can build your business credit score – When you have an EIN, you can start building your company’s credit history, which can be beneficial when trying to obtain business loans.
- Increases the legitimacy of your business – Having an EIN helps your business look more professional and increases the trust of potential clients and business partners.
- Separate your business credit from personal one – With an EIN, you don’t have to provide your personal information (Social Security number) to the vendors.
However, more importantly, having an EIN allows for easier setup of payment processing services available to your clients and partners. If you would like to give your customers (or yourself) the option to complete transactions using ACH payments, open a high-risk merchant account due to the nature of your business or set up a recurring billing payment platform to ensure everything is paid on time, having your EIN on hand definitely won’t be a bad thing.
Once you’re EIN-ready, you can focus on finding the right partners for your business operations – and payment processing is without a doubt one of the most, if not the most essential part of that. After all, you need to earn money somehow.
At My Payment Savvy, we offer you secure, reliable and most importantly, easy to navigate payment solutions. Whether you’re a small business that is just starting to become bigger and wants a more customizable payment option, or you’re a company that has been in business for a while, at My Payment Savvy we tailor our services to you, not the other way around.
The Bottom Line
If you’ve been saying, “I don’t know how to find my EIN number,” then those days are over. EIN number lookup isn’t nearly as complex as many people think, but knowing your Tax Identification Number is essential.
Now that you know how to find your EIN number, you’ll never have to worry about it again. Whether you need to report wages, submit taxes, or require the number for a business transaction, you’re ready for action.
We’d suggest keeping a file or spreadsheet containing your EIN and other information that you require regularly. That way, it will always be at your disposal when you need it for any transaction.
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