FEIN - Important Information
A Federal Employment ID Number (FEIN) is a number assigned by the IRS that identifies your business.
FEIN is like a social security number for your business. Obtaining a FEIN is beneficial in many ways; it would prevent identity theft, and your taxes will be separate. You would also need a FEIN if you are going to have employees.
If you answer "Yes" to any of the following, then you need a FEIN:
- Do you operate your business as a Corporation, LLC or a partnership?
- Do you file these tax returns: Employment, Excise, or Alcohol, Tobacco & Firearms?
- Do you withhold taxes on income, other than wages, paid to a non resident alien?
- Do you have a Keogh plan? (Tax Deferred Pension Acct)
- Are you involved with any of the following organizations: Trust, Exempt, Estates, Real Estates Mortgage Investment, Nonprofit, Farmer's Coop, Plan Administrators?