Get business identification number in New York, New Jersey and throughout USA with the expert consultancy of Black Ink’s accountants. We fulfill all the eligibility criteria of your business to get the business tax ID number in United Sates of America that can help you further in filing taxes to the federal jurisdictions. If you are a small or medium scale business owner in New York, USA then it is mandatory for your business to apply for an employer identification number (EIN). An EIN is a nine-digit (09) number that is assigned to your company by the Internal Revenue Service. USA. An EIN is used at the time of fillings business tax returns, payroll quarterly returns as well as payroll tax returns for your business. An EIN also turns out to be useful for opening business bank account, applying for business loan, or applying for business credit card, etc. The other benefits of having an FEIN for business include separation of your business and personal finances, plus you do not need to use your personal SSN when working with vendors and suppliers.
Business tax identification number is also known as Taxpayer Identification Number (TIN). To get FEIN for your business in New York, New Jersey, Texas, Arkansas, Massachusetts, Vermont, Connecticut, and other states and cities in U.S.A. is not a difficult task now as we provide the best consultancy for getting business identification number in New York. Our procedure is easy, simple and budget-friendly. In order to apply for FEIN in New York USA, you are required to make an inquiry with us and provide us basic information regarding your new business. We provide complete support on your general FEIN issues including getting an EIN, getting a new EIN, application for EIN, lost or misplaced EIN, cancellation of EIN, replace your EIN, valid EIN, and much more that you want to know about the federal and state tax ID numbers for your business anywhere in United Sates, from New York to New Jersey. Furthermore, we are also providing free payroll services & free bookkeeping services to new businesses in United Sates to our new clients.
What is an EIN?
An Employer Identification Number is also known as FEIN, EIN, federal tax ID, Federal Tax Identification Number, and Employer Identification Number. These are the tax IDs that are assigned to the businesses, in general. Each business in New York, USA needs an EIN to pay taxes. FEIN is compulsory in case of Partnerships, Corporations and LLC’s in New York State. EIN services as the Social Security Number for your company that is assigned by the IRS so that your company can easily be identified at the time of federal tax filings. To keep a uniform and accurate track of your business tax reporting, IRS uses the specific EIN of your business.
Before getting EIN for your new business in New York, new jersey and other surrounding cities and states in USA, form your business and get it approved from the State of New York after filing the required articles and documents. You can obtain a federal tax ID number with the IRS by availing our new business FEIN consultancy services in United Sates. We have a listed of satisfied clients to obtain our business advisory services in New York.
Get your federal tax ID number:
Your federal tax ID number, also known as Employer Identification Number (EIN), helps you to file and pay federal taxes, hiring of employees, opening of business bank account as well as for the application of business licenses and business permits in USA. After registration of your business in New York, USA, it is required that you apply for an EIN for your business.
Eligibility for federal EIN:
A federal tax ID number is required by your business if any of the following procedure is carried out in your business structure:
- Hiring and paying to the employees.
- Company’s categorization as partnerships, corporations, or multi-member LLCs.
- Working in collaboration with certain other organizations including real estate mortgage investment conduits, farmers’ cooperatives, non-profit organizations, plan administrators, trusts, except certain grantor-owned revocable trusts, IRAs, exempt organization business income tax returns.
- Using a Keogh plan, a specific type of tax-deferred pension plan.
- Filing of tax returns for employment, excise, or alcohol, tobacco, and firearms.
- Withholding taxes on income, other than wages, paid to a non-resident alien.
Benefits of getting FEIN for business:
Most business men in New York and in other cities of United States are having the same question that why should I get an EIN for my business or why should my business get an FEIN. If you are self-employed, you do not need an EIN. But if you are a corporation, partnership or multi-member LLC, then you need to get and EIN for your business as it provides a list of advantages for your company in USA, some of which are listed below:
- In order to file tax returns, FEIN helps great if you are a partnership, or a multi-member LLC and you have a number of employees. At the end of the year when you will be required to file your taxes to IRS, your business EIN will help you as an identification number. FEIN minimizes the risk of missing the tax deadlines. It helps IRS to track your tax filing and reporting. Your business FEIN holds up the details of each and every financial verdict of your company.
- An EIN is required by your company if you have employees. Being a multi-member LLC Company in New York USA, your each and every employee is required to file their taxes individually under the LLC’s 1040 form. To set-up and file payroll taxes in New York, employers need an EIN that also helps IRS for tracking payroll taxes. To register the State’s employer taxes, it is necessary to have an EIN for your company, thus it also helps in hiring employees for your company.
- Your business FEIN helps you in maintaining your company veil, if you are a single member LLC. Business owners are protected from personal liability and business debts by the help of corporate veil. Your business FEIN helps you to separately manage your personal and business finances. It also boosts up professionalism. By getting an own identity for your business, you can enhance the credibility for your company.
- Your business FEIN helps in the prevention of identity theft of your business. You can keep your Social Security number more private by using an EIN instead of your SSN. Sole proprietors without an EIN are at a high risk of identity theft as they give out their SSN to clients or vendors. Using EIN instead of SSN can keep your business finances and personal finances separate, thus make it less likely for anyone to break into your financial accounts.
- To open a business bank account in USA, most of the banks require your business FEIN. A business bank account can help greatly to manage and run your professional finances and personal finances, individually. By opening a business bank account, you can manage and track your business expenses more efficiently and smoothly. It also helps you to make a more effective budget planning structure for your business. Business bank accounts also aid the employers in payroll services for employees.
- An EIN is used by the lending and credit agencies for tracking your business’s credit, as similar to Social Security number. Obtaining your business EIN is a necessary measure for the maintenance of the financial stability of your organization in United Sates. If you have better business credit, you can ultimately get advantages in superior interest rates and better loan qualifications. In short, getting your business EIN in New York can provide you a higher probability of business expansion in USA.
- You can qualify for more business loans by having an FEIN. Although it is not necessary to have a business EIN for applying business loans, but it is seen that majority of lenders prefer such accompany that has well-established business credits through a business bank account. Obtaining an EIN is necessary to start establishing your business credits. Having stronger business credits brighten your chances of getting qualified for certain specific loans for business.
Exemption for getting EIN:
Those companies that are sole proprietorships with no employees and single-member LLCs with no employees in New York Sates, USA do not require an EIN for their business purpose. These are considered as disregarded entities for filing taxes. If your company is a sole proprietorship or a single-member LLC in USA, then you can use your social security number (SSN) directly for filing of your income taxes instead of obtaining and using an EIN for business.
Get your state tax ID number:
Your state tax ID number, also known as State Tax Identification Number (State EIN), State Tax Registration, Or State Employer ID helps you to file and pay state taxes, hiring of employees as well as selling services and goods. State tax identification number is generally assigned by the state where the business or organization is operating. You can use your state tax ID numbers for the protection against identity theft for sole proprietors. The procedure to get state tax ID number is similar as that of getting a federal tax ID number, but it can vary from state to state to get business identification number in New York. We provide consultancy for state employer ID number as per state government laws and regulations. Whether you need a state tax ID or not, totally depends on the nature of your state’s laws that govern employment taxes and income taxes. You can book an appointment with us to get complete help for state tax ID number in New York and other states of USA.
When should you get a NEW EIN?
There are certain scenarios in which your company will require to apply for a new EIN for the business. You will not require re-applying for a new employer identification number for your business if you only change your business name or open a new location for the existing company. The common situations for the application of new Employer Identification Number in New York State & USA are listed below:
- In case of change in the business structure. For e.g., conversion of your company from sole proprietor to a multi-member LLC.
- In case of bankruptcy proceeding of your corporation.
- In case of purchasing an already existing business entity.
- In case of getting inherited by a sole proprietorship business
If you have any queries regarding how to obtain business identification number in New York, USA, you can contact us in the business hours. Furthermore, we can assist you on advisory consultancy & start-up services of new business in New York, USA. Stay connected with us through our blog section to know all the latest business & IRS happenings in USA.