Frequently Asked Questions Regarding Federal EIN's in New York
For businesses based in New York, one of the most important topics to consider is getting a Federal Employer Identification Number (FEIN)2 min read
For businesses based in New York, one of the most important topics to consider is getting a Federal Employer Identification Number (FEIN). While the process of securing aFEIN can be confusing, this guide will answer some of the most commonly asked questions to help demystify the process and ensure you have all the necessary information you need to move forward.
What Is a Federal EIN?
A Federal Employer Identification Number (FEIN) is a nine-digit number that the Internal Revenue Service (IRS) issues to businesses for tax-filing purposes. This number is unique to each business and is used to identify and track a business' financial activities for tax and compliance purposes. FEINs are required for some businesses to open a bank account, borrow money, or for filing certain tax forms, and they also play a vital role in employee identification.
Who Needs a Federal EIN?
Businesses based in New York typically require a Federal EIN if any of the following criteria applies:
• The business is creating a pension, welfare fund, or other retirement and welfare program
• The business files tax returns
• The business hires employees
The business is a corporation, LLC, or sole proprietorship
Do I Need to Apply for a Federal EIN in New York?
Yes, businesses based in New York do need to apply for a FEIN from the IRS. This nine-digit number is unique to the business and can be used to identify and track a business' financial activities for tax and compliance purposes.
How Do I Apply for a Federal EIN in New York?
To get your FEIN, you must submit an application that contains certain pieces of information about yourself, your business, and the type of business you operate. You can submit your application in three different ways:
• Online: You can fill out your application online and receive your FEIN instantly.
• By fax: You can also fax your completed application form to the IRS at (855) 641-6935.
• By mail: Finally, you can mail your electronically completed application form to the IRS at the following address:
Internal Revenue Service
Attn: EIN Operation
Cincinnati, OH 45999
How Long Does It Take to Get a Federal EIN in New York?
The timeline for getting your FEIN depends on which method you choose to apply. If you choose to apply online, you can typically receive your FEIN instantly. If you apply by fax or mail, however, it can take up to four weeks to receive your FEIN.
Who Can Help Me Get a Federal EIN in New York?
If you are having trouble getting your Federal EIN or navigating the application process, an experienced attorney can help. UpCounsel's network of experienced legal professionals understand the complexities of New York's local rules and regulations and are ready to help businesses of all sizes handle their legal needs. Whether you need a one-time consult or an entire freelance legal department, UpCounsel is here to help.
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