You may be aware of the significance of having an Employer Identification Number (EIN) if you are a business owner or someone who plans to launch a firm. The Internal Revenue Service (IRS) issues an EIN, a special nine-digit number, to identify your firm for tax purposes. However, you might be asking how to determine whether your EIN number is still current if you haven’t used it recently or are unsure of its status.
You can get in touch with the IRS Business & Specialty Tax Line at 800-829-4933 to find out if your EIN number is still valid. You’ll have to give some fundamental information about your company, like your EIN and business name. The IRS agent will then verify if your EIN is still in effect or whether it has been suspended. On the IRS website, you may also check the status of your EIN.
It’s vital to remember that the IRS may have canceled your EIN if you haven’t utilized it in the last two years. Due to the fact that the IRS views businesses as being inactive if they have not generated any revenue for two years in a row. You will need to file for a new EIN if yours has been revoked.
Has EIN been given a credit rating? A credit score is not associated with an EIN. However, your EIN and your business credit score are connected. This is so that lenders and credit bureaus can identify your company and track its credit history using your EIN. To be able to access funding and other credit options, it is crucial to establish and maintain a strong company credit score.
Is My EIN Connected to My SSN? No, your Social Security Number (SSN) is not connected to your EIN. An SSN is given to people, whereas an EIN is a unique identifying number given to your corporation. You may, however, use your SSN as your EIN if you are a sole proprietor. How Can I Quickly Establish Business Credit?
1. Create a legal business entity: It’s crucial to keep your personal and business finances distinct in order to establish credit. Examples of legal business entities include an LLC and corporations.
3. Pay your bills on time: Establishing good credit requires timely bill payment.
5. Keep an eye on your credit reports: By regularly keeping an eye on your business credit reports, you can spot and fix any flaws or inaccuracies.
No, the same company entity cannot have two EIN numbers. You can, however, file for a different EIN for each of your enterprises if you have more than one. Additionally, you might need to register for a new EIN if your firm experiences a significant change, including a change in ownership or organizational structure.