All C corporations and S corporations need an EIN. (Learn more about different corporate forms in Nolo’s Corporations section.)
Do I need a new EIN for S Corp election?
Once you elect to be taxed as an S corporation, your company will pay its own taxes and you won’t be subject to self-employment tax. You will need to obtain a new Employer Identification Number (EIN) for your new S corporation.
What is EIN for S Corp?
The EIN is also referred to as the tax identification number. The IRS issues EINs to businesses across the United States, which the companies can use for several key tax purposes. This number is nine digits and is unique to your business entity.
Do I need an EIN to file Form 2553?
To apply for an S-corp election, you must submit a Form 2553 to the IRS. You will need an Employer Identification Number (EIN), which is also issued by the IRS. The Form 2553 must be submitted no more than two months and fifteen days after the beginning of your tax year.
Where can I get an EIN for a s-Corp?
You can apply for an S-Corp EIN with the IRS, but a quicker and less complicated way to file is with us at GovDocFiling. We are a professional service provider who specializes in helping you file paperwork to handle all the different legal aspects of starting a business, such as getting an EIN.
How to file a S corporation with the IRS?
If you have properly submitted your S corporation form to the IRS and have not heard back, you can call the IRS at (800) 829-4933 and they will inform you of your application status. How long does the S-Corporation election filing take?
What makes an S corporation exempt from taxes?
An S corporation is an eligible domestic corporation that wants to avoid double taxation (once to the shareholders and again to the corporation) by electing this status using Form 2553 (Election by a Small Business Corporation). Generally, an S corporation is exempt from federal income tax other than tax on certain capital gains and passive income.
What kind of tax ID do you need for a S corporation?
An S corporation should obtain what is known as an Employer Identification Number (EIN), also called a Federal Tax ID number. The Internal Revenue Service (IRS) issues EINs to distinguish various business entities; this identifier will be a nine-digit number specific to your company.
