What is an EIN and why do I need one?

​What is an EIN and why do I need one?

An Employer Identification Number (EIN), also known as a federal tax identification number or FEIN or FEI, is a nine-digit number that the IRS assigns to business entities.

This number is used to identify a business entity and to identify taxpayers that are required to file various business tax returns.

A business will need to apply for a new EIN if the business is sold or is otherwise transferred.

You will need an EIN if you have employees in your new business.

Banks will require an EIN to open an account for all corporations.

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