A great number of Hawaii residents seem to be confused about the exact purpose of a Federal Employer Identification number and its relation with other tax IDs issued by the Internal Revenue Services. This article seeks to shed some light on the issue by providing a quick discussion on exactly what a FEIN is and what it does. Additionally, it also presents readers with the specific ways they can acquire one if necessary.
What is a FEIN?
The FEIN goes by a number of different names. It is sometimes called an Employer Identification Number (EIN) or a Federal Tax Identification Number (FTIN). There is no need to be confused, all of these names pertain to one document.
Basically, a FEIN is similar to one’s Social Security number. It serves the same functions as the SSN in the way it monitors one’s earnings and tax remittances. The crucial difference, however, is that the FEIN is not issued on an individual basis. Rather, it is issued to business entities such as companies, partnerships, trusts, estates, and even non-profit organizations.
Applying for an EIN
Of course, many Hawaii residents get FEIN application process. This is mainly due to the unfounded belief that the application process is burdensome and difficult. However, those who have tried the process themselves would tell you that nothing is farther from the truth. As long as one follows the steps closely, one should be able to get a FEIN without much trouble.
However, it needs to be stated here that it is vital that you know the specific purpose for the FEIN before you start the application. This is because the application process for the different business entities may differ. For instance, some FEIN applications may require additional supplementary documents that would not be required for other application types.
In addition to all of that, readers need to understand that there are multiple ways to apply for a FEIN. This adds an additional layer of convenience as you get to choose which method best fits your needs.
- Phone Option – One of the options available to you is to process the application by phone. You will need to call the IRS hotline and ask for a representative to help you with an SS4 application. The representative will then conduct a live interview for your case. Make sure that you answer everything as accurately as possible. After the interview, she will fill-up your application and pass it on.
- Mail Option – You can also send your application by mail. The first thing you need to do is get a copy of the Form SS4 which can be requested from your local IRS Hawaii office or through the website. Make sure to fill-up the form and indicate which FEIN type you are applying for. When everything is done, simply sign it and mail it to the Hawaii office. You should get a response quickly.
- Online Application – You can also directly apply on the IRS website. There is an online form there that you can answer. This is probably the most efficient way as you will be able to acquire and FEIN immediately upon finishing the form.
This article explained the FEIN application process for Hawaii residents. Just follow the steps presented and you should be able to acquire your own FEIN without trouble.