Do you need to renew your EIN yearly?
It has such a simple answer: No. However, when your business changes hands or restructures, or changes its name, address, type and some changes like these, you are in need to submit a new tax ID application.
Mostly every business types need EIN, at least it is better to have it for companies. The list of the kinds of business that need to have an EIN is as follows:
-Church-controlled organizations
-Partnerships
-Estates of deceased individuals
-Corporations
-S-corporations
-Trusts
-Personal service corporations
For a sole proprietorship, it’s a little different. Most don’t need to have an EIN because they can use a social security number. An SSN can serve for most jobs the way that the EIN does. When you have an SSN, you can inherit or buy an existing business, enroll in individual retirement plans, hire employees, and file for bankruptcy. Nonetheless, it is better to have an EIN even for sole proprietorships.
On the other hand, to change your business type when you are a sole proprietorship, (for example, if you are a sole proprietorship and want to be a partnership) in this case, you need to get an EIN. Otherwise, you cannot make the changes you want.
Ein-itin.com is a brand of Cohen Investment LLC, act as a Certified Acceptance Agency. Ein-itin.com provides professional services to prepare and apply for an Individual Tax Identification Number (ITIN) to submit through IRS. As a Certified Acceptance agent , Ein-itin.com prepares and submits applications for an Individual Taxpayer Identification Number (“ITIN”) on behalf of their applicants. Ein-itin.com tracks the application processing and notifies ITIN Applicants for their ITIN Confirmations. Ein-itin.com understands the applicant situation, inform before the ITIN Application process. Ein-itin.com helps to applicant to apply for their ITIN in a convenient way to avoid mistakes and rejection for ITIN Application. Any individual may hire us to prepare, submit and obtain his or her ITIN Number (via W7 Form) application to the IRS.