Author Archives: Daniel

What Happens to Old EIN Numbers?

An employer identification number is a social security number for your business. Without it, you cannot obtain licenses or permits, open bank accounts or legally hire employees. Of course, companies sometimes permanently close their doors, which may have you wondering what happens to the old EIN number.

How the IRS Handles Old EINs

Just like a person’s social security number, once a business receives its EIN, the number stays with it forever. This is true even if the business never gets off the ground or closes sometime in the future. Because your company will retain its EIN, you can re-open the business at any point as long as it keeps the same tax status. Sometimes, a business will be associated with more than one employer identification number. This occurs when the business expands or otherwise meets new tax criteria. These situations result in the IRS providing the company with a new EIN.

Closing Your Business Account With the IRS

Despite your company keeping its Federal tax ID number, you can choose to close your business account with the IRS if necessary. Doing so involves mailing a letter that includes the company’s complete legal name, its EIN, its business address and why you are closing the account. Keep in mind that you must file any necessary tax returns before the IRS can close your account.

Do You Need an EIN?

If you are opening your own business, you will need to apply for a Federal tax ID number. This allows you to secure permits and licenses, protect your business name, hire employees and open bank accounts or unsecured lines of credit under the business name. You can apply for an EIN online with IRS-EIN-Tax-ID. The process if fast and easy, and you can track your application online. Most people receive their EIN in just a few days. Contact IRS EIN Tax ID Filing Service for more information.

The Ins and Outs of Credit Repair

When your credit score is out-of-control bad, it is time to take action. You need to raise that FICO number so you can enjoy all the fruits of an individual with a good credit rating: access to capital for starting a business, buying power for household goods, the ability to get a student loan. The… Continue Reading

4 Money Saving Tips for Your Divorce

Divorce is an experience that is not easy to go through with. A lot of people just give up when they realize that a divorce is around the corner. To most people, the primary objective is getting the entire ordeal over with as soon as possible. However, unless you can afford a lawyer who will… Continue Reading

Being Realistic when Opening a Restaurant

The restaurant industry is undoubtedly one of the most competitive and difficult industries today. Building and maintaining your kitchen into a successful and respected establishment is no easy feat. At one time or another, the idea “I should open a restaurant/bar” has likely crossed everybody’s mind. For a select few, they actually do it. If… Continue Reading