You need an EIN to get a bank account, hire employees and more
Obtain a new Employer ID Number with our easy-to-use online application to start doing business and hire employees today.
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Required for bank accounts, hiring employees and filing taxes
An Employer Identification Number (EIN), also known as a Tax ID Number, is used to identify businesses with the IRS. This identification number is also commonly needed to obtain licenses and permits, as well as to open a business bank account.
Financial Benefits
With an EIN, you can open a business bank account, enabling clear distinction between personal and business transactions.
Business Banking
An EIN is a fundamental requirement for businesses engaging in financial activities and is a key element in establishing and maintaining a business relationship with a bank.
Hiring Employees
An EIN is a critical identifier for federal and state tax purposes related to hiring employees, ensuring proper compliance with employment tax regulations for you and your employees.
Employer ID Number FAQ's
An EIN is a unique nine-digit identifier assigned by the IRS to businesses for tax purposes. It is used to identify and track various financial and employment-related activities.
Businesses, including sole proprietors, partnerships, corporations, non-profit organizations, and others that have employees, operate as a corporation or partnership, or meet specific IRS criteria, typically need an EIN.
You can apply for an EIN online through the IRS website, by mail, fax, or by phone. The application process is free, and the IRS issues the EIN immediately upon completion.
Yes, having an EIN is crucial for various employment-related tasks, including reporting employee wages and taxes, filing employment tax returns, and completing other hiring and payroll-related activities.
No, each legal entity, such as a separate business or nonprofit organization, should have its own unique EIN. Using one EIN for multiple entities is not allowed by the IRS.
While not required for all sole proprietors, having an EIN can be beneficial. It's needed if you have employees, operate as a corporation or partnership, or open a business bank account.