- Posted by: robertppitts72
- Category: Business
Most of the new business organizations need to apply for EIN number. The EIN number is a unique number provide by the IRS and helps the Government to identify a business organization for tax purposes. The EIN number also known as Employee Identification Number is legally required for operating business organizations in Virginia.
Entrepreneurs should ideally apply for Virginia Tax ID, as soon as they start planning for the business. The process of filing for an EIN is simple and can be done online. The application for the EIN is available on the website of the IRS.
There are four different ways to apply for Virginia Tax ID. You can fix a telephone appoint with the IRS representatives and attend the interview for obtaining the EIN. Entrepreneurs can also apply for EIN through snail mail or fax. For applying through fax and mail, the EIN application is to be downloaded from the IRS website and then filled up and sent to IRS by fax or mail. Obtaining EIN through mail is a lengthy process and takes up to four weeks. The fastest and easy way to apply for an EIN is through online submission. You can receive the Tax ID number within an hour of filing the application, provided all the details provided are accurate.
All types of business organizations like sole proprietorships, partnerships, Limited Liability Corporations, Estate of the deceased, Corporations, Trusts, Religious Institutions and not for profit organizations require EIN to carry on their business.
The Virginia Tax ID number is required to carry on the regular activities of the business. Businesses need EIN number to hire employees and to withhold payroll tax, to obtain credit facilities from the bank, to open bank accounts for the business and to obtain licenses and permits to start operating the business.
New entrepreneurs, who are confused with the whole documentation process for obtaining Virginia Tax ID, can hire the services of consultants to act on their behalf. These consultants charge a small fee for the documentation process. Since these consultants are experienced, they facilitate a smooth process and assure the delivery of the EIN within the promised time. They also provide value added services to the clients.