As you have formed your new company, we can say that you are ready to start doing business. After forming your company, the next step is to apply for a Federal Tax ID Number which is also known as an Employer Identification Number (EIN).
Generally, you may need an Employer Identification Number when you apply for a business bank account, business credit, set up accounts with vendors, file taxes or hire employees for your company. When applying for an EIN, there are many problems that can complicate, delay or even cause the IRS to completely reject the application. The possibility of causing a delay in the EIN application process could potentially hinder your new job. This may be considered not ideal beginning for a new venture. Here are a few tips to help you speed up your EIN application process:
False Information: Giving false information about SS4 application will definitely delay the process. You may be always careful, but we would like to remind that it might happen anyway. The IRS looks for complete and accurate information such as your legal name, SSN or ITIN, etc. for the Responsible Party listed in the SS4 application.
Since the Internal Revenue Service (IRS) is a government agency, there is no need to play games. If you give a name other than your legal name, or if you list a mismatched social security number or Individual Taxpayer ID number, the IRS EIN will stop the application process until further clarification is made.
Special Characters are the other problems. If your company’s name contains any special characters, this will also be a problem. The IRS provides letters A to Z; numbers 0 to 9; ampersand icon (&); and the hyphen (-).
If your company name contains something else, such as a plus sign (+) or an at (@) symbol, the IRS prompts you to either remove or spell the application completely using “at” or “plus”. This will help you with expediting your application process.