The Internal Revenue Service (IRS) issues an Employer Identification Number (EIN), a special nine-digit number, to identify businesses for tax purposes. It also goes by the name “Federal Tax ID Number.” Many people are curious about how quickly they can obtain an EIN number. Both yes and no, is the answer.
Applying for an EIN can be done over the phone, online, by fax, through the mail, or by calling the IRS. The online application method is the quickest way to obtain an EIN. The online application is accessible from 7 a.m. to 10 p.m. Eastern Time, Monday through Friday. The online application process is not immediate, though. The application takes about 15 minutes to complete, and as soon as it is submitted, you will get your EIN.
The process will take longer if you choose to apply for an EIN via fax or mail. Applications sent by fax will be processed by the IRS in four business days and applications sent by mail in four weeks. Another choice is to apply for an EIN over the phone, but this service is only offered Monday through Friday from 7 a.m. to 7 p.m. Eastern Time. Your EIN will be given to you by the IRS over the phone.
If you operate as a solo proprietor or a single-member LLC, you can obtain an EIN for yourself. You do not, however, require an EIN if you operate as a sole proprietor and use your Social Security number for tax purposes. Your tax ID number can be the same as your Social Security number. Even if you are the only member of a single-member LLC, you still need an EIN.
When you submit an online application for an EIN, you will get the number right away. The procedure will take longer if you submit your application via mail or fax. Applications sent by fax are processed by the IRS in four business days, and applications sent by mail are processed in four weeks. What is required to obtain an EIN number? You must supply the following details in order to apply for an EIN:
– The company’s legal name – The trade name, if it differs from the legal name – The company’s physical address – The mailing address, if it differs from the physical address – The name and Social Security number of the person in charge – – The kind of business entity (such as a corporation, partnership, or sole proprietorship)
– The purpose for requesting an EIN (such as launching a new venture or recruiting staff)
How long does it take to obtain an online EIN number?
When you submit an online application for an EIN, you will get the number right away. The entire online application procedure lasts roughly 15 minutes. The online application is only accessible from 7 a.m. to 10 p.m. Eastern Time, Monday through Friday.
In conclusion, if you apply for an EIN number online, you can receive one right away. The process will take longer if you want to apply by fax or mail, though. If you operate as a solo proprietor or a single-member LLC, you can obtain an EIN for yourself. Make sure you have all the necessary information on hand before filing for an EIN. You may apply online in around 15 minutes, and as soon as you submit the form, you will have your EIN.