Five Things to Know about the Employer Identification Number - YouTube video text script

 

HERE ARE A FEW TIPS FOR SMALL BUSINESSES…TRUSTS…ESTATES…CHARITIES AND OTHERS ABOUT THE EMPLOYER IDENTIFICATION NUMBER OR E-I-N.

THE E-I-N SERVES AS A TAX ID NUMBER FOR BUSINESSES AND ORGANIZATIONS.

FIRST…ONLY THE I-R-S CAN ISSUE AN E-I-N… AND IT'S A FREE SERVICE.

SECOND…YOU CAN VISIT IRS-DOT-GOV-SLASH-E-I-N…ANSWER A FEW QUESTIONS AND GET YOUR E-I-N IMMEDIATELY ONLINE.

THIRD…KNOW WHO WILL BE THE "RESPONSIBLE PARTY" ON THE APPLICATION.

GENERALLY…A RESPONSIBLE PARTY IS SOMEONE IN CONTROL.

AND…IT MUST BE AN INDIVIDUAL.

YOU MUST PROVIDE THE RESPONSIBLE PARTY'S SOCIAL SECURITY NUMBER.

FOURTH…ALWAYS KEEP YOUR E-I-N INFORMATION UP TO DATE.

YOU NEED TO REPORT CHANGES IN RESPONSIBLE PARTY TO THE IRS WITHIN 60 DAYS USING FORM 8822-B.

USE THE SAME FORM TO REPORT CHANGES IN ADDRESS.

FINALLY…YOUR ASSIGNED E-I-N IS YOURS FOR LIFE.

THE NUMBER IS NEVER DISCONTINUED.

IF YOU CLOSE YOUR BUSINESS…WRITE TO THE I-R-S TO CLOSE YOUR TAX ACCOUNT.

THIS IS IMPORTANT AND WILL HELP PREVENT IDENTITY THEFT.

TO LEARN MORE VISIT I-R-S-DOT-GOV-SLASH-E-I-N.