When starting a new business venture, obtaining an Employer Identification Number (EIN) is a necessary step in the process. An EIN serves as a unique identifier for your business entity, and is required by the Internal Revenue Service (IRS) to file tax returns, open a business bank account, and hire employees. But how long does it take to get an EIN number? Let’s explore the different methods of applying for an EIN and the timelines associated with each.
The first method of applying for an EIN is through the IRS website. This is the quickest and most efficient way to obtain an EIN, as the application process can be completed online and the EIN is issued immediately upon submission. To apply for an EIN online, simply access the IRS website and navigate to the EIN application page. From there, you’ll be asked to provide basic information about your business, such as its legal name, structure, and purpose. Once you submit your application, you’ll receive your EIN number on the confirmation screen.
The second method of obtaining an EIN is by mail. While this method takes longer than applying online, it’s still a relatively quick and easy process. To apply for an EIN by mail, you’ll need to download and complete Form SS-4 from the IRS website. Once you’ve filled out the form, you can mail it to the address provided on the form. The processing time for EIN applications submitted by mail is typically four to six weeks. However, during peak seasons, such as tax season, processing times may be longer.
The third and final method of obtaining an EIN is over the phone. This option is only available to businesses that operate in the United States or U.S. territories. To apply for an EIN over the phone, call the IRS Business and Specialty Tax Line at 1-800-829-4933. You’ll need to provide the same information as you would if applying online or by mail. Once your application is processed, you’ll receive your EIN number over the phone.
In summary, the timeline for obtaining an EIN number varies depending on the method of application. Applying online is the quickest and most efficient method, as the EIN is issued immediately upon submission. Applying by mail takes four to six weeks, while applying over the phone provides an instant result. Regardless of the method chosen, it’s important to obtain an EIN number as soon as possible when starting a new business venture. An EIN is required for many important tasks, such as paying taxes and hiring employees, and failing to obtain one can lead to legal and financial consequences.
In conclusion, obtaining an EIN number is an essential step for any business owner. The timeline for obtaining an EIN varies depending on the method of application, with online applications being the quickest and most efficient. While applying by mail or over the phone takes longer, it’s still a relatively simple and straightforward process. By obtaining an EIN number early on in the business formation process, you’ll avoid unnecessary delays and ensure that your business is compliant with IRS regulations.