May 25, 2018

How Long Does the Process Take When Receiving a Federal Tax ID?

Take matters into your own hands and enjoy all the benefits that come with having a Federal tax ID number. When you have a federal tax ID number you can enjoy all the perks that come with and you won’t have to give out your social security number. You don’t want to risk giving out such an important number when dealing with business items, which is where an IRS-EIN-Tax-ID number comes in handy.

Employer identification number (EIN) helps the Internal Revenue Service to keep tabs on businesses tax obligations. If you have started a business or plan to start one soon, you will need to have this important number. You need to apply for a federal tax ID early enough to get your number when you need to make a deposit or file returns. The way you apply will determine how long it will take to get it.  

Applying online is the fastest way to receive your federal tax ID as you can typically get your EIN within 24 hours. You can also apply on the telephone, fax, and mail. However, it might take longer to process your EIN with these other methods. For instance, it might take as long as four weeks to get your federal tax ID number if your process via mail. 

In cases where someone dies leaving behind property, an administrator is chosen to oversee the estate of the deceased. The work of the estate executor is to consolidate assets of the deceased, pay all debts and divide the remaining amount among the beneficiaries and heirs. The estate executor will need to apply for an estate tax ID also as EIN. The number will help the IRS to distinguish various business items left by the deceased. The estate tax ID will also help in the payment of employees’ wages. 

The time to receive your tax number varies but you can receive it much faster with the easy, stress-free online application.