FEIN - Federal Employer Identification Number

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PostPosted: Wed Dec 29, 2010 8:28 pm   Post subject: FEIN number  

I am a sole proprietor (MD) who travels interisland for work in Hawaii. There is an excellent coporate travel deal with one of the airlines, but they require a FEIN to enroll. My tax person said this will mean I have to file and pay additional taxes as compared to now, when I just use my SS number. Is this correct? How can that be?


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tgood808
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PostPosted: Thu Dec 30, 2010 5:10 am   Post subject:   

Your tax person is an idiot! If you are a sole proprietor, an LLC, or incorporated with employees, you already have a FEIN -- you need it to report payroll taxes. If you are a sole proprietor with no employees, the IRS prefers that you use your SSN, since your only filing requirement is a Form 1040 plus a Schedule C.



But, you should speak to someone at the airline before you turn to the IRS for a FEIN. Explain your situation. Then, if the airline still will not accept your SSN (with a copy of your tax return to show that you are, indeed, a business person) for entry into their "corporate travel deals", then you simply apply for a FEIN for your practice. It does not mean that you will pay any additional taxes, but you may have to file a return using that FEIN. Just show $0 income and $0 expenses, and continue to file your 1040 with the Schedule C.



Or report the income and expenses of the practice under the FEIN, pay the taxes, and report no personal income under your SSN. The problem with doing it that way is that you will not be accruing anything toward Social Security retirement, and you may end up paying taxes under the FEIN at a higher marginal rate, but you will still deduct all of the expenses of the practice prior to calculating the income tax due.



Your legal adviser may be wondering, like I am, why you have not incorporated your medical practice in order to avoid personal liability for the financial obligations of the practice.



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PostPosted: Thu Jan 13, 2011 6:09 pm   Post subject: name change  

What do I need to do if I change the name of the company. Can I keep the same FEIN and to whom do I report this change


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PostPosted: Thu Jan 13, 2011 6:19 pm   Post subject:   

If all you have done is a simple name change for your business, you will probably be able to retain the same FEIN. You need to go to your local IRS office to discuss the matter.



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PostPosted: Thu Jan 20, 2011 4:06 am   Post subject:   

how can i get this if i dont have a social security number?


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PostPosted: Thu Jan 20, 2011 4:05 pm   Post subject: fein  

I am thinking about starting a sand art business. I would go to craft shows or kids party , I want to go to a fair that needs my fein. how would this work as it is not a constant income as I may go to 5 or 6 shows a year.


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PostPosted: Thu Jan 20, 2011 4:42 pm   Post subject: FEIN AND EIN  

My company has an EIN under which we pay payroll taxes and a different FEIN under which we pay sales taxes. Which number should I use for Customers who need a W-9?



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PostPosted: Thu Jan 20, 2011 6:56 pm   Post subject:   

If you literally have two FEINs for the same business, the W-9 to give to others would be the one you use to file your business tax returns -- that should be the same one you use to report Employee FIT/SS/MC withholding and payroll taxes.



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PostPosted: Fri Jan 21, 2011 6:21 pm   Post subject:   

I have a fein but I need to find what the name of the business is. Is there a place I can look that won't charge for the info


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PostPosted: Mon Jan 24, 2011 9:07 pm   Post subject: FEIN  

company i worked for is out of business. need thier FEIN in order to fill my fed taxes. have called their phone # several times asking that they call me but officeis closed. any suggetions other than wait?


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PostPosted: Tue Jan 25, 2011 1:25 pm   Post subject:   

Information about who is registered to a specific FEIN can be obtained free of charge via the IRS. You will need to visit a local office to prove your entitlement to the information.



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PostPosted: Tue Mar 22, 2011 6:13 pm   Post subject: EIN number  

I took my baby to the sitter and I now want to file my taxes and claim the credit but I need her EIN number, she as since relocated how do I get the EIN to file my taxes?


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PostPosted: Tue Mar 22, 2011 7:50 pm   Post subject:   

If your sitter was a private person, she will not have an EIN, but will have a SSN (unless she is not here legally). If you cannot contact her, you may be out of luck when it comes to claiming the child care credit. Contact the IRS at one of its local offices or via its website for more specific guidance.



The IRS uses the information to see if the party you claim to have paid is reporting the payment as income. If they don't report the income, your credit could be disallowed, they could be prosecuted for tax evasion, or both.



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PostPosted: Wed Apr 06, 2011 2:13 pm   Post subject:   

Can FEIN be used for a spiritual business on the Internet?


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PostPosted: Wed Apr 06, 2011 3:04 pm   Post subject:   

If you have a business with employees, are organized as a partnership, LLC, or incorporated you need an FEIN. If you are a sole-proprietor with no employees, your SSN is all the IRS wants you to use for tax-reporting purposes.



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CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
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