Ein question

jeanbean0109 · #1 07-18-2016

How are you guys getting multiple ein numbers? On the irs website it states they only allow one ein applied for if online. The rest you need to send in paperwork.

So how yall doing it? Are you sending in the paperwork? Or is there something I dont know about? I tried to file another and it denied me citing that. Then told me I needed to issue paperwork and mail online.

yankee · #2 07-18-2016

Yo can get one type of EIN a day online. So you can open 365 a year. You can actually open more than one a day, but it must be a different type of entity.

GreenBean · #3 07-18-2016

You carefully read over the IRS site.

www.irs.gov

It does outline how to make the needed tax ID in full detail.

If you are still unsure, you can actually call them, toll-free to talk about matters.

jeanbean0109 · #4 07-18-2016

Ok so what type of entity? LLC? I tried tht once and it was asking for my old ein number as the responsible party

jeanbean0109 · #5 07-18-2016

We cannot process your application online if the responsible party is an entity with an EIN previously obtained through the Internet. Please use one of our other methods to apply. See How to Apply for an EIN. We apologize for any inconvenience this may cause you.

Says right on website..so im confused

yankee · #6 07-18-2016

Well, you certainly do sound confused.

You need your SS number to get an EIN not a previous EIN.

If you are applying for a sole proprietor, you can only have one in a lifetime.

Call them tomorrow is my suggestion and get a hold of your accountant to determine what entity and how you will be taxed is best for you and your financial/liability situation.

jeanbean0109 · #7 07-18-2016

Quote:

Originally Posted by yankee

Well, you certainly do sound confused.

You need your SS number to get an EIN not a previous EIN.

If you are applying for a sole proprietor, you can only have one in a lifetime.

Call them tomorrow is my suggestion and get a hold of your accountant to determine what entity and how you will be taxed is best for you and your financial/liability situation.

Maybe thats why? First one I ever filed was sole proprietor.

Ok so which one should I choose LLC or corp? Or which do you select? I dont want to go through the bs of LLC filing with the state.

yankee · #8 07-18-2016

Quote:

Originally Posted by jeanbean0109

Maybe thats why? First one I ever filed was sole proprietor.

Ok so which one should I choose LLC or corp? Or which do you select? I dont want to go through the bs of LLC filing with the state.

Then forget this and go get a job maybe?

If you dont want to go through the BS of opening a business, then stop now. This is serious stuff. You are talking tax evasion, tax rates that vary greatly and your life dealing with the IRS and state Department of Revenue.

With this mentality, I strongly suggest quieting now before you find yourself in a lot of trouble.
Wish you luck.

jeanbean0109 · #9 07-18-2016

Quote:

Originally Posted by yankee

Then forget this and go get a job maybe?

If you dont want to go through the BS of opening a business, then stop now. This is serious stuff. You are talking tax evasion, tax rates that vary greatly and your life dealing with the IRS and state Department of Revenue.

With this mentality, I strongly suggest quieting now before you find yourself in a lot of trouble.
Wish you luck.

This is only temp till my main comes back from dsr. The main has my ss attached for 2 years with no limitation. So can easily file taxes if need be under personal. Surprisingly my ss is blocked, but new stealth has been open 2 years with 0 limitation with reall ss atached. So im assuming corp is the way to go since I dont have to file articels with state?

yankee · #10 07-19-2016

Quote:

Originally Posted by jeanbean0109

This is only temp till my main comes back from dsr. The main has my ss attached for 2 years with no limitation. So can easily file taxes if need be under personal. Surprisingly my ss is blocked, but new stealth has been open 2 years with 0 limitation with reall ss atached. So im assuming corp is the way to go since I dont have to file articels with state?

ALL companies must file articles of incorporation with the state
corporation....... Corporation has MORE paper work than an LLC....

EVERY entity will have annual fees, reports and taxes to file.

jeanbean0109 · #11 07-19-2016

I guess I got lucky, never had to file nothing with the state under my other ein.

yankee · #12 07-19-2016

Quote:

Originally Posted by jeanbean0109

I guess I got lucky, never had to file nothing with the state under my other ein.

because it was the once in a lifetime sole proprietor.... only get one of those. it is also the most taxed entity including the 15% extra self employment tax and it also offers zero liability protection.

yankee · #13 07-19-2016

You really need to talk to your accountant about these things. Might be the most important and critical legal and accounting advice you will ever ask for in your life. Not an area to be a hack in.

phaz0rz · #14 07-19-2016

Quote:

Originally Posted by jeanbean0109

I guess I got lucky, never had to file nothing with the state under my other ein.

I didn't realize you had a thread when I responded to your PM. Sorry it took me so long to get back to you.

You need to be careful neglecting legal paperwork because it can come back around and bite you in the butt.

For you to get any more EIN's I recommend LLC's. As yankee said though it's always best to talk to an accountant beforehand so you know what you're getting into and what your obligations will be. If you do choose to get an LLC EIN, you WILL HAVE TO file articles of incorporation with your state before tax time. It's not difficult and usually runs about $100 in most states. You can file your articles online at your state's business one stop.

jeanbean0109 · #15 07-19-2016

Quote:

Originally Posted by phaz0rz

I didn't realize you had a thread when I responded to your PM. Sorry it took me so long to get back to you.

You need to be careful neglecting legal paperwork because it can come back around and bite you in the butt.

For you to get any more EIN's I recommend LLC's. As yankee said though it's always best to talk to an accountant beforehand so you know what you're getting into and what your obligations will be. If you do choose to get an LLC EIN, you WILL HAVE TO file articles of incorporation with your state before tax time. It's not difficult and usually runs about $100 in most states. You can file your articles online at your state's business one stop.

Ok guess im going to have to. So how do I set it up when te stealth is another state than me. Set the ein for the stealth state and mailing address to me? Bought the account from the market...

phaz0rz · #16 07-20-2016

Quote:

Originally Posted by jeanbean0109

Ok guess im going to have to. So how do I set it up when te stealth is another state than me. Set the ein for the stealth state and mailing address to me? Bought the account from the market...

All of my business accounts were purchased from here and none of them match the state I live in. It doesn't matter though. You register your EIN with 100% factual info. Never lie to the IRS. Use the state you live in and your exact mailing address on the EIN application. The state your Ebay account is registered in does not have to match the state of your EIN.

When tax time comes Paypal will issue a 1099 with whatever contact info you have on file in Paypal. You take the 1099 to an accountant and simply pay taxes for your EIN. My 1099's last year had both the stealth name and (out of state) addresses. But again, it doesn't matter. You just pay taxes for your EIN.

jeanbean0109 · #17 07-20-2016

Ok thanks for the info. Will get it started soon.

jeanbean0109 · #18 07-20-2016

Quick question...can Paypal see the mailing address if I put my own. Or all they can see is name of buisness and ein match?

yankee · #19 07-20-2016

Quote:

Originally Posted by jeanbean0109

Quick question...can Paypal see the mailing address if I put my own. Or all they can see is name of buisness and ein match?

What Paypal will ask the IRS is this one question: Does this NAME match this Tax number? and the IRS responds with a YES or NO answer.

Your address you use on the IRS and State website does not have to match the address paypal has.

Make sure you enter the name exactly on paypal. So if it is Jeanbean Sales LLC you can not forget the LLC or Sales etc....

jeanbean0109 · #20 07-20-2016

Ok then is all well and the confusion settled. Site let me make the ein...thanks for the help!! Just will have to get my lawyer to do the llc paperwork in the future

phaz0rz · #21 07-20-2016

Quote:

Originally Posted by jeanbean0109

Ok then is all well and the confusion settled. Site let me make the ein...thanks for the help!! Just will have to get my lawyer to do the llc paperwork in the future

There really isn't any need for a lawyer. It's a lot easier than it sounds. You answer about 10 questions on an online questionnaire about your business. Things like the business address, tax ID, members, etc. I seriously wouldn't recommend paying a lawyer to do it for you. But hey, whatever makes you comfortable.

yankee · #22 07-20-2016

I agree with phaz0rz. Get advice from your accountant about what type of entity is best for you such as a LLC sub chapter-s or whatnot.

No need to pay an attorney to type you name and address into a government website that you have access to at home.