If you are a business entity, you are required to get an irrevocable trust tax ID number, also known as an Employer Identification Number or EIN. Securing the necessary documents, such as your business permit and an EIN is as important as the careful planning on your business name and target market.
Securing an EIN
Securing an EIN or Employer Identification Number applies to employers, corporations, partnership, and other business entities to identify their business structure by the Internal Revenue Service.
Moreover, any business that has employees or businesses that withhold taxes it pays for salaries and wage needs an EIN. Additionally, your EIN allows your business to file and pay taxes, apply for business credits and/or loans, set up a bank account for your business, and process your business license.
Securing your business
You may also decide to secure your business with your beneficiaries and/or heirs, and save time and money in case of an untimely death, by placing your property in trust. However, you need to obtain a separates EIN for your trust depending on its type: revocable or irrevocable.
A revocable trust will use the social security number of the grantor, while an irrevocable trust will have an alternate Federal Tax ID number. The irrevocable trust tax id number is different from estate tax id as estates and trust are both different legal entities, thus each requires to have different EINs.
Applying for an EIN today has never been easier than when you visit https://www.irs-ein-tax-id.com/, which operates 24/7. The EIN application only has three simple steps:
- You select your business entity,
- You provide all the needed information as stated in the forms
- You submit your application
Your application will be accessed by friendly and knowledgeable agents. If you process your application during business hours, you may get your EIN via email within the next day.