A Taxpayer Identification Number (TIN), known as INN in Russia, is a unique identifier assigned to taxpayers․ The INN applies to all taxes within the Russian Federation․
For Russian legal entities, the tax authority assigns the INN during registration․ Foreign legal entities conducting business also require one․
In the US, a business typically needs an Employer Identification Number (EIN) to operate legally․ You might need an EIN to properly get your taxes done․ You do not need an EIN number for it․ Who says you do? You DO need that to be a name that you own, though;
Understanding the requirements for obtaining a business tax number is crucial for compliance and smooth operation․
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Table of contents
Why You Need a Business Tax Number (EIN)
An Employer Identification Number (EIN) is essentially a Social Security number for your business․ It’s used by the IRS to identify your business for tax purposes․ You’ll likely need one if:
- You hire employees․
- Your business operates as a corporation or partnership․
- You file excise taxes․
- You operate a non-profit organization․
- You have a Keogh plan․
How to Apply for an EIN
The good news is that applying for an EIN is usually free and relatively straightforward․ Here’s a step-by-step guide:
- Determine Your Eligibility: Make sure your business structure requires an EIN․ If you’re a sole proprietor with no employees, you might be able to use your Social Security number instead․
- Choose Your Application Method: The IRS offers several ways to apply:
- Online: The easiest and fastest method․ Available through the IRS website․
- By Phone: Call the IRS Business & Specialty Tax Line․
- By Fax: Complete Form SS-4 and fax it to the IRS․
- By Mail: Complete Form SS-4 and mail it to the IRS․ This is the slowest method․
- Complete Form SS-4: This form asks for information about your business, including its name, address, type of entity, and principal activity․ Be prepared to answer questions about the nature of your business․
- Submit Your Application: Follow the instructions for your chosen application method․ If applying online, you’ll typically receive your EIN immediately․ Other methods may take longer․
Information You’ll Need
Before you begin the application process, gather the following information:
- Business Name: The legal name of your business․
- Business Address: The physical location of your business․
- Responsible Party: The name and Social Security number of the person who controls, manages, or directs the entity and the disposition of its funds and assets․
- Type of Entity: (e․g․, sole proprietorship, partnership, corporation, LLC)
- Reason for Applying: (e․g․, started new business, hired employees)
- Principal Activity: A brief description of what your business does․
After You Receive Your EIN
Once you have your EIN, keep it in a safe place․ You’ll need it for various business activities, including:
- Opening a business bank account․
- Applying for business licenses and permits․
- Filing your business taxes․
- Hiring employees․
Important Considerations
- Accuracy: Double-check all information on Form SS-4 before submitting it․ Errors can delay the process․
- Free Service: The IRS does not charge a fee for an EIN․ Be wary of third-party websites that offer to obtain an EIN for a fee․
- Consult a Professional: If you’re unsure about any aspect of the EIN application process, consider consulting with a tax professional or accountant․
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