About Your Federal Employer Identification Number (FEIN)
What is an FEIN?
A Federal Employer Identification Number (FEIN), also known as an IRS EIN or Tax ID, is a nine-digit number assigned to a company by the IRS.
This number identifies the company as a legal entity with the IRS and is not linked to any individual, owner, or group of people. Every company must provide its FEIN when enrolling with Beyond. It should also be entered in the state payroll taxes section of your account. Beyond uses this number when remitting taxes and filing required tax returns on your behalf.
How to Register for an FEIN
If your company does not yet have an FEIN, you can apply for one directly through the IRS. The IRS website will guide you through eligibility requirements and the application process.
I’m a Sole Proprietor. Can’t I Use My Social Security Number?
Beyond requires sole proprietors to provide an FEIN during enrollment. This ensures personal information remains secure, as the FEIN is used on forms such as employee W-2s and contractor 1099s.
Why Might a Company Need a New FEIN?
- Starting a New Company or Business
Companies planning to hire employees must obtain an FEIN from the IRS to operate legally in the US. The IRS uses this number to track and collect employer taxes according to federal tax laws. - Changing or Restructuring a Company
Certain events, such as a change in corporate structure, ownership, or entity type, may require a new FEIN. Rules vary depending on the type of organization, so consult IRS guidance before making changes.
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In either case, obtaining a new FEIN represents a fresh start with federal and state authorities. It typically impacts state registration IDs and applicable tax rates. For existing employers receiving a new FEIN, a new Beyond account must be created to ensure accurate tax filings.
What to Do When Your Company Is Issued a New FEIN
If your company receives a new FEIN, the IRS will send a CP-575 letter detailing your official business name, filing address, and required tax forms. Provide a copy of this letter to Beyond when updating your company’s FEIN.
Need Help?
If you still have any questions, please don’t hesitate to reach out. Our team will be happy to provide answers and assist you in any way we can.