IRS Employer Identification Number (EIN) Application

Play an AI-generated podcast conversation about this lesson

What should you do upon receiving your Personal Identification Number (PIN) for EFTPS?

Wait for further instructions
Share it with your tax professional
Store it with your tax documents
Activate it immediately (correct)

Where can you find a list of companies that offer IRS e-file for business products and services?

www.irs.gov (correct)
www.reportingagents.com
www.eftps.gov
www.taxpro.gov

What should you do if you need to make a deposit immediately?

Arrange a wire transfer with your Financial Institution (correct)
Visit your local IRS office
Use the EFTPS system
Contact the IRS for assistance

Why is it important to keep a copy of this notice?

As it is a one-time issuance and cannot be replicated (B) Signup and view all the answers

What can Authorized e-file Providers assist with?

Completing returns and meeting tax obligations (C) Signup and view all the answers

How can you obtain tax forms and publications if you do not have internet access?

Call 1-800-829-3676 (A) Signup and view all the answers

What publication provides guidance on determining an annual accounting period (tax year)?

Publication 538 (C) Signup and view all the answers

What is the purpose of the tax classification assigned by the IRS?

It is based on information obtained from the taxpayer or representative (D) Signup and view all the answers

How can a taxpayer request a legal determination of tax classification?

By requesting a private letter ruling from the IRS (C) Signup and view all the answers

What form is used to elect to file as a small business corporation?

Form 2553 (C) Signup and view all the answers

What is the purpose of the Electronic Federal Tax Payment System (EFTPS)?

To make electronic deposits for employment taxes (B) Signup and view all the answers

What type of taxes can be deposited electronically through the Electronic Federal Tax Payment System (EFTPS)?

Employment taxes and excise taxes (C) Signup and view all the answers

What is the primary purpose of the Employer Identification Number (EIN)?

To identify a business or entity for tax purposes (C) Signup and view all the answers

What should you do if you have questions about your EIN?

Call the provided phone number (D) Signup and view all the answers

What is the purpose of the name control associated with the EIN?

To provide additional security for electronic filings (D) Signup and view all the answers

What should you do with the stub at the bottom of the notice?

Tear it off and send it with your letter (A) Signup and view all the answers

What is the purpose of the Employer Identification Number (EIN) assigned to the taxpayer?

To identify the taxpayer, their business accounts, tax returns, and documents (D) Signup and view all the answers

What is the deadline for filing Form 1120 according to the notice?

04-15-2022 (C) Signup and view all the answers

Why should you correct any errors in your name or address?

To ensure accurate tax-related correspondence (D) Signup and view all the answers

What is the purpose of the 'RETURN THIS PART' section?

To identify your account (A) Signup and view all the answers

What should the taxpayer do if the information on the notice is not correct?

Use the attached tear-off stub to make the correction and return it to the IRS (B) Signup and view all the answers

What may happen if the taxpayer does not use their EIN and complete name and address exactly as shown on the notice?

A delay in processing, incorrect information in the account, or assignment of more than one EIN may occur (B) Signup and view all the answers

What is the phone number provided for assistance with the notice?

1-800-829-4933 (B) Signup and view all the answers

What form did the taxpayer apply for that resulted in the assignment of an EIN?

Form SS-4 (B) Signup and view all the answers