What to Do If You’ve Lost Your EIN Number
An EIN stands for an employer identification number. This is a vital piece of information which is issued by the IRS as a means of helping them identify your business. An EIN works in a similar way to a Social Security Number.
However, the number is for your business rather than an individual. This information is essential for businesses, and it is not something that you want to lose without understanding how to recover it. In this post, we’ll take you through how to recover a lost EIN number and what the best ways are to ensure you don’t lose the number in the future.
Understanding the Importance of Your EIN
Your EIN is vital for your tax reporting and for ensuring that your business expenses are kept separate from your personal finances. You will also need an EIN to open up a business bank account and to apply for other business banking products and services.
An EIN is the IRS’ way of keeping track of your business and your tax status which is what makes this piece of information so vital to keep safe.
How You Might Misplace or Forget Your EIN
EINs are important for businesses as they are an essential piece of information that helps businesses with their taxes. More specifically, it allows the IRS to keep track of the tax status of a company. Any business should have an EIN, as it helps to keep business and personal finances separate; however, it is only really a legal requirement when you decide to take on employees.
You will also need an EIN to be able to open a business bank account or apply for other business products and services like business credit cards or business loans. When approaching banks about products like these, they will ask you for your EIN, which you must be able to provide them.
You will also need an EIN when you file tax reports and returns to the IRS, as this is how they keep track of your tax status and what it is that you owe or have paid.
Steps to Recover Your Lost EIN Number
Although you should try to keep your EIN safe or on file for easy reference, losing the number can happen. Luckily, there are several steps you can take to recover your lost EIN. The following steps will take you through the best course of action for finding your lost EIN number.
Step 1: Check if You Already Have it
If you have applied for an EIN before and used it to file tax returns or open business bank accounts, it’s likely that you will be able to find your EIN on a document you have on file. The first thing you should look for is the official EIN confirmation letter you received from the IRS when they issued you with your EIN.
If you cannot find this document, you don’t have to worry. You can find your EIN on a document you filed with the IRS during a tax return. They may have also sent you letters where they would have referenced your EIN in the letter.
If you have a business bank account, the bank will have your EIN on record, as they would have had to keep this on file while opening your bank account. If you are having trouble finding your EIN after looking at all this documentation, then you will have to look to other methods to find your lost EIN number.
Step 2: Call the IRS
If you have received an EIN in the past but cannot remember it, or you have lost it, then you can also call the IRS to verify your EIN. You must keep in mind that the IRS line is very busy. Therefore, you can expect to wait a while when you call in.
It’s also important to note that not anyone can call to recover an EIN. As the business owner, you will have to call them yourself. You can also authorize another representative in the company to receive the EIN on your behalf. If you want to call the IRS to retrieve your lost EIN, you can contact them at 1-800-829-1040.
Step 3: Request a New EIN If Necessary
There are some cases in which you may need to request a new EIN. In most cases, a new EIN is required when a business decides to change their company’s ownership structure. If this is the case, then you will have to apply for a new EIN following the standard application procedures. You can apply for an EIN online. If you want to know more about how best to apply for an EIN, you can read EINsearch.com’s blog about the application process. Applying for your EIN online is the quickest and easiest way to get a hold of a new EIN, should you need one urgently. If you do get a new EIN, remember to inform your bank and any other entities that may have your EIN on record.
Preventing Future Loss of Your EIN
As experts in this field, we understand that losing your EIN is something that can happen, and it does happen very often. There are, however, certain precautions you can take to ensure that you do not lose your EIN again.
The best thing to do when you get a hold of your EIN for the second time is to keep it written down in a safe place that you can easily access the next time you need it. Keeping documentation that contains your EIN in a file with tax and legal documents is one way you can do this.
With modern technology, you can also store this information digitally to ensure that you can recover it quickly. If you do choose to store this piece of information on a cloud system or on a private device, make sure that the information is password protected to make sure that the information is only accessible to those who are authorized and that you trust. Once you have been assigned an EIN, it is also possible to employ an EIN lookup service like EINsearch.com to find your EIN for you in case of a lost EIN. The IRS will have this information on record, and we can use our database to locate yours for you. This will save you time and resources when looking for your EIN.