An EIN is an “Employer ID Number” issued by the Internal Revenue Service. (Sometimes, this is referred to as a Federal Employer ID Number or “FEIN”) EINs are necessary for decedent’s probate estates, non-grantor trusts, corporations, and LLCs. Even single member limited liability companies, which are treated by the IRS as disregarded entities, can obtain an EIN. The EIN is basically the “social security number” of for entity.
Years ago, if someone wanted an EIN, that person would have to fill out a form ss-4 and mail or fax it in to the IRS and the IRS would mail back the number or, if the number was needed sooner, one could call the IRS and get the number over the phone. The most common and fast way to get an EIN these days is to apply online. Continue reading