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Monday, September 17, 2012

EIN, What Is It and Why Do You Need One?

An Employer Identification Number or EIN, is also known as a Federal Tax Identification Number, and is used to identify a business entity.  According to IRS website, you are required to have an EIN if any of the following are true:  
  • You have employees 
  • You operate your business as a corporation or partnership 
  • You file any of these returns: Employment, Excise, Alcohol, Tobacco and Firearms 
  • You have a Keogh plan 
  • You withhold taxes on income, other than wages, paid to a non-resident alien 
  • You are involved with any of the following types of organizations:
    • Trusts, excepts certain grantor-owned revocable trusts, IRAs, Exempt Organization Business Income Tax Returns
    • Estates
    • Real estate mortgage investment conduits
    • Non-profit organizations
    • Farmers’ cooperative
    • Plan administrators

If you have a vehicle that is 55,000 lbs or more and first put your vehicle on public highways in August, then you are required to file a Form 2290 Return, by September 30, 2012.  IRS Form 2290, used to file Heavy Vehicle Use Tax (HVUT), is considered an excise tax, so you would be required to have an EIN.  Be advised that it can take the IRS up to 10 business days to get new EINs into their system, so you will want to get your EIN today, in order to file Form 2290 on time.

As a premier processing agency, Truck Services of North America can get your EIN and file your Form 2290 Taxes for you.  TSNA takes the paperwork out of your way. For more details contact us at TSNAmerica.com or call 803.386.0320.

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