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 […]
You may need to find your Employer Identification Number (EIN) on a W-2 form for various reasons, including tax compliance, official documentation, and financial transactions. The EIN is a unique identifier assigned to businesses by the IRS for tax reporting purposes. It is essential for accurately reporting income, tax withholdings, and other financial information to […]
Having an EIN shows the IRS your tax status and the structure of your company. You may be required to present your EIN for several reasons. Another company or business partner may request your EIN to verify some of our company information. Alternatively, if you’re in the process of applying for a business bank account […]
