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Q.Am I required to have an employer identification number (EIN)?

A.A federal employer identification number (EIN) is a number assigned to a business so that withholdings (federal and state income tax, social security and Medicare taxes, unemployment insurance, and other taxes) can be remitted to the IRS and state tax authorities. It is to a business what a social security number is to an individual.

All partnerships, corporations and limited liability companies (LLCs) are required to have a federal employer identification number (EIN). A sole proprietor does not need to have an EIN unless: the sole proprietor (1) has employees; (2) has a Keopgh Plan; or (3) is required to file excise tax forms for such items as alcohol, tobacco or firearms.

To acquire a federal employer identification number, fill-out and file IRS SS-4 Form.




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