We all know the feeling: You finally sit down to fill out that important form, only to get
stopped short when it asks for a long ID number you’ve never heard of or can’t remember.
For business owners, that number is often their business tax ID number, also known as
their employer identification number or EIN.
I’m Eric Goldschein, editor at Fundera, and today we’re going to go over the basics
of finding your business tax ID number.
So the next time you need to file your business tax returns, open a business bank account,
or apply for a business loan, you’ll be ready.
We’ll also discuss changing or canceling your EIN, or looking up the EIN of another
company.
Let’s get started.
Most businesses need an EIN.
The only exceptions are some sole proprietors and owners of single-member limited liability
companies.
The IRS requires any other type of business owner to get one.
Just as your social security number stays with you for life, your business’s EIN stays
connected to your business for as long as it’s in operation.
You’ll use it in a number of situations, including:
Filing business tax returns or making business tax payments.
Applying for a business loan.
Opening a business bank account.
Acquiring a business license.
Applying for a business credit card.
And Issuing Form 1099s to independent contractors.
If it’s been awhile since you used your EIN, or you misplaced that old scrap of paper
you used to write it down, there are a few ways to look it up.
Option 1: Check Your EIN Confirmation Letter
When you applied for your EIN, the IRS sent you a confirmation letter with your number
and other identifying number on it.
Yes, they did, I promise.
If you applied online, they sent you an email; if you applied by fax, they sent you a fax;
if you applied by mail, they sent you a letter.
Find that notice and store it away with your other important business documents.
Option 2: Check Other Places Your EIN Could Be Recorded
If your business has been around awhile, it’s more than likely than your EIN is recorded
on another document besides your confirmation letter.
Here are a few places you might look:
Old federal business tax returns.
Official tax notices from the IRS.
Business licenses and permits.
Business bank account statements or your online account profile.
Old business loan applications.
Your business credit report.
And Payroll paperwork, such as 1099 forms that you’ve issued to independent contractors
Remember, not every single business document will have your EIN.
For example, your articles or incorporation or your DBA document won’t have your EIN
listed.
Check with the documents we just mentioned first.
Option 3: Call the IRS
When all else fails, go back to the source.
Call the IRS at their Business and Specialty Tax Line, where a representative can give
you your number over the phone.
Keep in mind that the wait might be very long, so leave this as your last resort.
If you’re contacting the IRS to get your EIN, they’ll ask you to confirm your identity
to prove you’re a corporate officer, a sole proprietor, or a partner in a partnership.
Now, what if you want to find the EIN of another company?
That happens.
You might want the EIN of another business to verify a new supplier or client’s information,
or in your regular course of business in certain industries like insurance.
Here’s a quick list of ways to find another company’s EIN:
Ask the company.
Someone in the payroll or accounting department should know the company’s tax ID.
Search SEC filings, if the company is publicly traded.
Get the company’s business credit report.
You can purchase their report through credit bureaus, such as Experian and Equifax, as
well as other sites like Nav.
Use a paid EIN database.
Commercial EIN databases charge a fee for access to company EINs.
Some databases will link EINs to other information, such as company size and industry.
This can also help you find new prospects, so it could be worth the fee.
If the EIN you need is for a nonprofit, use Melissa Database.
Melissa (like the name, Melissa) Database provides free federal tax ID lookup for nonprofit
organizations.
Finally, let’s talk about changing your EIN.
Yes, your EIN stays with your business throughout its life, but there are a few situations where
you’ll need to apply for a new one…
such as:
You incorporate for the first time or change your business entity.
You buy an existing business or inherit a business.
Your business becomes a subsidiary of another company.
You’re a sole proprietor and are subject to a bankruptcy proceeding.
You’re a sole proprietor and establish a retirement, profit sharing, or pension plan.
You receive a new charter from your state’s Secretary of State.
There are changes to your ownership structure
Things that don’t require a new EIN include changing your business name or location—though
you should still report those changes to the IRS for their records.
There’s never a need to “cancel” your EIN.
If you close your business, then re-open it down the line, you can use that same number.
No other business will ever receive that same EIN.
If you’re feeling generous and want the number off the IRS’ books, you can close
your business account with them.
If you ever want to start a new business after that, you’ll need a new EIN.
That about does it for getting, or finding, an EIN.
It’s a fairly straightforward process, but don’t force yourself to go through it every
tax season or whenever you want a new business credit card.
Once you have your number, save it somewhere safe.
You’ll be using it quite a bit going forward.
Alright, that wraps up our video on EINs.
If you have more questions or comments, drop us a line below.
You can also visit Fundera.com, or subscribe to our channel for more videos.
Thanks for watching.