Reporting companies need to provide their federal tax ID number on the Beneficial Ownership Information Report (BOIR). If you’re a first time business owner, or even if you’re a seasoned entrepreneur, you may be asking yourself “Wait, what’s my company’s tax ID number?”.
In this article, we discuss tax ID numbers for business entities, and where you can find your company’s tax ID number so you can complete the BOI Report.
What Are Federal Tax ID Numbers?
The Internal Revenue Service (IRS) issues unique tax ID numbers to identify individuals and businesses for federal tax purposes. There are several different types of tax ID numbers for both individuals and businesses, including:
- Social Security Numbers (SSN) for U.S. citizens
- Employer Identification Numbers (EIN) for businesses
- Taxpayer Identification Number (TIN) for foreign companies
- Individual Tax Identification Number (ITIN) for non-U.S. citizens
What Is An EIN Number?
An Employer Identification Number, or EIN, is a unique nine-digit number the IRS assigns to businesses in the U.S. EIN numbers are primarily used to identify businesses so they can pay U.S. federal taxes.
Businesses also need EIN numbers to hire employees, manage payroll, open business bank accounts, and apply for business licenses.
Which Businesses Need an EIN?
The IRS requires most businesses in the U.S. to get an Employer Identification Number (EIN). Entities filing taxes as either a C-Corp or S-Corp, including corporations and limited liability companies (LLCs), must have an EIN.
Businesses taxed as partnerships also need to obtain EIN numbers. These include multi-member LLCs that haven’t made an S-Corp or C-Corp tax election.
Sole proprietorships without employees are not required to obtain an EIN. Instead, sole proprietors can use their personal Social Security Number for business federal tax payments. Nonetheless, sole proprietors still need to obtain EIN numbers to open a business bank account.
Where Can I Find My Company’s EIN Number?
You can find your company’s EIN number on several kinds of business documents. The best place to start is the EIN confirmation letter from the IRS. If that’s not available, you can look for your EIN on:
- Previous federal tax returns,
- Company bank account statements,
- IRS tax notices,
- Business licenses, permits, and applications,
If needed, you can also call the IRS’s Business and Specialty Tax line to get your company’s EIN number over the phone.
Does My Company Need an EIN Number for BOIR?
Yes, U.S. businesses should obtain an EIN number from the IRS before filing a BOI Report with FinCEN.
FinCEN requires you to include an IRS taxpayer ID number for the company in the BOI Report. This can either be an Employer Identification Number (EIN) or a Taxpayer Identification Number (TIN) assigned to the company.
If you’re setting up a business that needs to file a BOI Report with FinCEN, like an LLC or corporation, make sure to get an EIN number right after your company is formed. This step helps you avoid delays and ensures you submit your company’s BOI Report to FinCEN on time, within the 90-day deadline.
How to Get An Employer Identification Number (EIN)
Business owners can get an EIN number from the IRS at no cost. To obtain an EIN, fill out the Form SS-4 application available on the IRS website.
You can apply for an EIN number online if you meet the following requirements:
- Your business has a principal address located in the U.S. or U.S. Territories;
- The person applying online has a valid Tax ID number from the IRS (Social Security number or ITIN);
Otherwise, you will need to fax a completed Form SS-4 to the IRS office.
You need to provide the following information about the company to complete the EIN application:
- The company’s legal name,
- The entity type (corporation, LLC, LP, etc.),
- The U.S. and country where its principal place of business is located,
- Any alternate names or trade names, like DBAs,
- The name of the responsible party and their tax ID number,
- A mailing address for the company;
- The date the company started doing business, and
- The type of business the company does.