Employer Identification Number
What’s the first thing you do after incorporating? Celebrate!
And then request an Employer Identification Number (EIN). We chose to submit Form SS-4 online, and BAM, we got our EIN immediately upon completion. Due to high volume, or perhaps IRS technical difficulties, the site crashed a few times. But persistence pays off, and when it finally went through, it worked beautifully.
Hmm, but we don’t even have any employees…why would we need an EIN?
“This EIN is your permanent number and can be used immediately for most of your business needs, including opening a bank account, applying for business licenses, and filing a tax return by mail. However, no matter how you apply (phone, fax, mail, or online), it will take up to two weeks before your EIN becomes part of the IRS’ permanent records. You must wait until this occurs before you can file an electronic return, make an electronic payment, or pass an IRS Taxpayer Identification Number matching program.”