Chapter 6 of 7
Module 6.1: Is an E.I.N. Really Necessary?
While an E.I.N. is not legally required for all businesses, it is highly recommended for most independent artists and creative professionals.
The benefits of having an E.I.N., such as financial control, business opportunities, and tax advantages, often outweigh the minimal effort required to obtain one.
Key Points:
- Highly Recommended: An E.I.N. is highly recommended for most independent artists.
- Financial Control: Gain greater control over your business finances.
- Business Opportunities: Unlock new business opportunities and partnerships.
- Tax Advantages: Take advantage of tax benefits and simplify tax reporting.
Module 6.2: How Long Does It Take to Get an E.I.N.?
The time it takes to obtain an E.I.N. depends on the method you choose for applying.
Applying online through the IRS website is the fastest method, with immediate issuance of your E.I.N. upon successful completion of the application.
Key Points:
- Online Application: Immediate issuance of your E.I.N.
- Phone or Paper Application: May take several weeks to process.
Module 6.3: What If I Lose My E.I.N.?
If you lose or misplace your E.I.N., don't panic. There are several ways to retrieve it from the IRS.
You can call the IRS Business & Specialty Tax Line, or you can request a copy of your E.I.N. confirmation letter.
Key Points:
- Call the IRS: Contact the IRS Business & Specialty Tax Line to request your E.I.N.
- Request Confirmation Letter: Request a copy of your E.I.N. confirmation letter from the IRS.
You're on Chapter 6 of 7