Whether you are a foreign company or incorporated in US, we can help you get an EIN/ITIN assigned by Internal Revenue Service. You would need an EIN/ITIN for a variety of reasons. Although you may not be required to have an EIN/ITIN by law, it is highly recommended for opening up business bank accounts, business loans, building trust with vendors, establishing business credit and more importantly for foreign companies receiving payments from US companies to avoid withholding taxes on your revenue.
Thanks to our partnership and our own team of professionals, we can help you receive your EIN/ITIN assigned at cost-effective fees and quicker time frame. You can avoid risk of registering your business with IRS incorrectly and given that the application process is tedious that requires high knowledge in corporate tax and law, you can depend on our experts who are well trained in corporate classification and IRS regulations.
More About ITIN and EIN
ITIN (Individual Taxpayer Identification Number)**
An ITIN (Individual Taxpayer Identification Number) is a tax processing number issued by the Internal Revenue Service (IRS) to individuals who are not eligible for a Social Security number (SSN). ITINs are used to file federal tax returns, claim tax refunds, and avoid paying tax penalties.
Here are some compelling reasons why one would need an ITIN:
Easy Approach to Open US Bank Accounts: An ITIN serves as a substitute for a Social Security number (SSN) for tax purposes, enabling both individuals and businesses to open bank accounts in the United States. This is particularly crucial for non-residents and immigrants who may not have an SSN. With an ITIN, they can easily establish a financial presence in the US, simplifying their financial transactions and gaining access to essential banking services.
File Federal Tax Returns: If you are not eligible for an SSN, you will then need an ITIN to file a federal tax return. This includes nonresident aliens, resident aliens who are not eligible for an SSN, and spouses and dependents of nonresident aliens.
Claim Tax Refunds: If you have paid taxes but are not eligible for an SSN, you will need an ITIN to claim a tax refund.
Avoid Paying Tax Penalties: If you do not have an ITIN and are required to file a federal tax return, you may be subject to penalties.
EIN (Employer Identification Number)**
An EIN (Employer Identification Number) is a tax processing number issued by the IRS to businesses, partnerships, trusts, estates, sole proprietors, and other non-individual entities. EINs are used to file federal tax returns, open bank accounts, hire employees, and apply for business licenses.
Why your clients need an EIN:
To file federal tax returns: If you have a business, partnership, trust, estate, or sole proprietorship, you will need an EIN to file federal tax returns.
To open a bank account: All banks require businesses to have an EIN before they will open a business bank account.
To hire employees: If you hire employees, you will need an EIN to report payroll taxes.
To apply for business licenses: In some jurisdictions, businesses are required to have an EIN before they can apply for a business license.
We can help you save time and money by providing ITIN and EIN services. We have a team of experienced professionals who can help you with your ITIN and EIN applications.
Avoid Paying Tax Penalties: If you do not have an ITIN and are required to file a federal tax return, you may be subject to penalties.
To know more about our EIN/ITIN assignment services or if you have a question in your mind about this, do not hesitate to reach out to us by clicking here.
