Confirmation Letter for an Assigned EIN Number -When you sign up for a Federal Employer Identification Number (EIN), also known as a Federal Tax ID number, the government places a real point to remind you never to waste your number. Let’s be totally real. Some of us are pretty forgetful no matter how successful our startup may be. You lose your employer identification number and the IRS confirmation occurs. Don’t worry – it didn’t go forever.
Why do I need an employer identification number?
An employer Confirmation Letter for an Assigned EIN Number is like the Social Security number for a business. You will need your EIN to file taxes, apply for business licenses, open business bank accounts, obtain new loans and lines of credit and fill out various forms such as 1099-MISCs for contracting business. If you are a sole proprietor, you may want to register for a Federal Tax ID number to avoid using your Social Security number for commercial purposes.
Sometimes, a bank or vendor may require that your employer identification number be confirmed by the tax authority. Before you get stressed out and start ripping up your desk for that spam message, don’t panic. You can easily request a new confirmation letter instead.
What happens if I lose my EIN?
If you don’t need your confirmation letter and simply lose your EIN, you can avoid contacting the tax authority by digging a little bit through your company records. You can find your Employer Identification Number (EIN) on your old tax return. If you created a business account with a bank or applied for a license, you can contact the bank or agency to obtain your employer identification number. If all else fails, contact the IRS.
How to Obtain a Confirmation Letter for an Assigned EIN Number from the IRS
Although it will be sufficient to know your EIN to conduct your day-to-day business, you may need a copy of your EIN confirmation letter on several occasions. Before you start looking for the letter, know that this letter will be in form CP 575. So, if you have Form CP 575 with you, you already have the confirmation letter. The IRS usually mails this form within 10 weeks of approval of your EIN application.
If you are unable to track your confirmation letter, you should collect some relevant information so that the refund process becomes easier. Firstly, if you only need the number, you don’t need to locate the confirmation letter. You can find the number from your bank records, past tax returns, or your business contacts with the IRS.
You may need to know a few details to confirm your identity to the IRS – for example, your business address as it appears on the IRS records and the type of form your company uses to file tax returns.
The easiest way to obtain a copy of the Employer Identification Number (EIN) verification letter is to contact the IRS. Follow the following process to obtain a tax ID verification letter from the IRS:
- Call IRS support at 800-829-4933.
- Provide your business name and other verification details such as address and phone number to the support executive.
- Seek executive support for Message 147c; Submitting such an application is free of charge.
- If your contact information is the same as the one you provided when applying for an EIN, the IRS can send you a verification letter by mail or fax.
- If your contact information changes, you can only receive the verification letter after submitting Form 8822.
Obtaining a copy of the EIN letter from the bank
It can take about a month to receive a verification letter from the IRS. If you send a copy of the original EIN certificate to your bank, getting a copy from there will be much faster. Although the copy received from the bank cannot replace the IRS verification letter, it can serve the purpose in some urgent situations. For example, sellers may accept it as proof of your employer identification number.
If you have applied for an EIN through an accountant or outside agency, you may be able to get a copy of your confirmation letter from them. If you applied for an EIN through the IRS website, try looking for the IRS confirmation email.
If you need help with a transcript of an EIN letter from the IRS, you can post your legal need in the UpCounsel Marketplace. UpCounsel only accepts the top 5 percent of attorneys to its site. The attorneys in UpCounsel come from law schools like Harvard Law and Yale Law and have an average of 14 years of legal experience, including working with or on behalf of companies like Google, Menlo Ventures, and Airbnb.
Why does a business need an EIN?
EIN is the business identifier and tax identification number. You can use it to file taxes, apply for loans or permits, and build business credit. If you receive a request for a tax identification number or a tax identification number (TIN), it will be the same as an Employer Identification Number (EIN).
If you are a sole proprietor working for yourself, you don’t need the number until you start hiring employees and contractors. Then, you’ll use it to record the withholding tax calculation.
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Ways to find your company’s EIN
If you are not sure of your employer identification number, here are some ways to find it.
- Check your entity documentation
The IRS sends out an EIN confirmation letter upon registration of new firms. If you signed up recently for one, deposit this letter in a safe place. Government business license and tax account registration forms will also list your employer identification number. Search all of these to find the number.
- Check your tax documents
You can find the number in the upper right-hand corner of your company tax return. If you open the payout and discover that the number has been replaced with asterisks for security purposes, contact the CPA and request the number from them.
If you file your taxes with the tax program, the program will save the number from year to year. Visit the program business section to retrieve your employer identification number.
- Ask your banker
If you have applied for a loan, or even a checking account, the bank has your employer identification number on file. Ask your Relationship Manager or Branch Manager for the number.
- Contact the IRS
In the worst-case scenario where none of the above options work, you can contact the IRS. They will guide you through a series of verification questions, then give you the number. You can do this while smoking a huge brisket for 14 hours, as that might be how long you have been waiting.