How to Obtain an EIN in Chicago
Registering for an EIN in Chicago: Navigating IRS Riddles Made Easy2 min read
For those Chicago-based businesses looking to register for an Employer Identification Number (EIN) – otherwise known as a Federal Tax Identification Number – the process can be complicated and navigating the internal-revenue riddles can be overwhelming. Having a dependable network of legal support and understanding of the local regulations is essential in the process of obtaining an EIN. Businesses and entrepreneurs looking to secure an EIN need to have a comprehensive understanding of the process to ensure their application is in compliance with State and Federal forms, regulations, and requirements.
What Is an EIN?
An Employer Identification Number (EIN) is issued by the Internal Revenue Services (IRS) to identify a business to the federal government. It is essentially a Social Security Number but for businesses. An EIN is used to navigate the world of business taxes, including filing taxes for employees, taxes for income generated by the business, and more. While the process of filing taxes and managing finances differs across state lines, the process of applying and obtaining an EIN is standardized regardless of the city or state a business is taking place in.
Why Do You Need an EIN?
The number one reason businesses need an EIN is to legally register a business and open a business bank account. It is the first step in officially filing taxes for a business. An EIN can also be necessary for obtaining business loans, managing employee payroll, and filing certain types of business taxes.
What Information Is Needed to Apply for an EIN?
The process of obtaining an EIN is generally straightforward and easy to complete. First, access the IRS’ website and download the Form SS-4 which is required to obtain an EIN. This form should be filled out in its entirety. Businesses must provide information such as the name of the business, mailing address, contact information, and type of business structure. Once the form is submitted, businesses will be issued an EIN.
Where to Secure Professional Legal Assistance in Chicago?
Securing the services of a professional attorney is the best way to ensure the process of obtaining an EIN is efficient and mistakes are avoided. Experienced legal professionals can explain complex regulations and help identify stumbling blocks. There are a number of reliable and dependable law firms with attorneys registered as EIN experts that are familiar with the regulatory specificities of the city of Chicago. The attorneys specialize in formation of corporations, LLCs, nonprofit organizations, and otherwise and can assist businesses in working through the process of securing an EIN.
UpCounsel is an excellent resource for securing experienced business attorneys for local legal business advice. UpCounsel has an established network of experienced attorneys available for both one-time consults or for ongoing legal services. The attorneys in the UpCounsel network have vast experience in the business world, with an average of 14 years in the practice. Each attorney’s profile includes client ratings and reviews from previous work, ensuring the quality of their services is readily available. With access to high-quality attorneys on demand and Silicon Valley’s tech and data-driven platform, businesses can trust UpCounsel to provide cost-effective legal help.