Not all things can stand the test of time. Your company’s EIN is, in most cases, the exception. Here is more about the EIN and what can happen to old EIN numbers:
What is an EIN?: To understand what happens to old EIN numbers, one must first understand the nature of the EIN. The EIN, or Employer Identification Number, is a nine-digit number that serves to identify an entity in the eyes for the IRS. In many cases, people applying for an EIN are starting a business. However, the EIN can also serve other functions like, for instance, a trust Tax ID number. The EIN serves to identify a trust or business for tax purposes, much like a social security number would for an individual.
EIN is important for every business and it is really carelessness to ignore it. Going for it and applying for it is really important and the sooner you apply for it, the better it is for you and your business. Today you can apply for it online too in order to make it simple and easy for yourself. It will save your time and you can get your EIN without any difficulty.
Old EINs: An EIN will stay with a business throughout its lifetime, and will continue to remain on record even if a business has closed its doors. For example, if you open a store that is only open for a year and fill out the tax paperwork, you can reopen that store any time as long as it is the same for tax purposes. In some cases, companies will choose to change their tax status either due to expansion or because they have met new criteria that would allow them to pay fewer taxes. In that case, a new EIN application must be filed and a new EIN will be associated with the company.
Whether you need a new EIN or are looking to change the nature of a business, the fastest way to submit an EIN application is to do so online. If you are looking to reopen a business, you should check your old paperwork. You should keep your EIN in a safe place, much like you would with your Social Security Card. No matter what it is, EIN is important and you just can’t ignore it. Online applying is much easier these days and thus there is no point ignoring it and inviting trouble for yourself.
Learning all about EIN online and then applying for it online is a wise idea in order to make things simple. You can save a lot of your time and complete your filling procedure within no time. So, check it out and go for it today.
