For nonprofits, an EIN is critical for incorporating as a nonprofit, opening a bank account, applying for tax-exempt status, and filing yearly tax forms. It is also required for donors to ensure they’re selecting the right nonprofit when they request for their donation to be matched.
Many people who run one-person businesses debate whether it’s worth getting an EIN. After all, it’s not legally required, and you may be content as is. However, if you’re operating on your own, there are still benefits of EINs for sole proprietors. These will be unpacked in the below article. What is an EIN? First, […]
The 147c letter is a crucial document sent by the IRS to businesses. This guide aims to provide a comprehensive understanding of the 147c letter, its significance, who can request it, how to obtain it, and key takeaways for businesses. What is the 147c Letter? The 147c Letter is sent by the IRS to businesses […]
After your business closes, nothing happens to your Employer Identification Number (EIN). The EIN remains the same and is a permanent identifier for that specific business. According to the IRS, an EIN is a “permanent Federal taxpayer identification number for that entity”. When You Close Your Business There are some key things to keep in […]
Entrepreneurs often wonder if they can utilize a single Employer Identification Number (EIN) for multiple business ventures. However, the feasibility of this practice hinges on the structure of your company and your preferences regarding asset protection. Let’s delve into the intricacies of using the same EIN for two businesses. Your business structure Firstly, the answer […]
Starting a new business requires various administrative tasks, and it may include obtaining an Employer Identification Number (EIN) from the IRS. Many wonder if they can use a previous EIN for their new venture, but the answer depends on the business structure. Whether it’s a sole proprietorship, partnership, corporation, or LLC, the rules for using […]