Do I Have To File a Tax Return for a EIN I never used?

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Sometimes handling business tax returns situations can be very confusing. There are many things you may not be clear about what you should do. One of those is if you need to file tax returns or not if you haven’t used your EIN. This can be complicated if you had filled out and completed an EIN number application with the IRS but never used the EIN. However, the situation does not need to be so complex if you understand the basics of filing business taxes.

Do I Have To File a Tax Return?

For the most part, if you have created a legal business entity, other than a sole proprietorship or single member LLC, then you always have to file tax returns regardless of whether you actually ran the business or used EIN that year. So, in that case, if you have an EIN and haven’t used it or even if you had yet went ahead to apply for EIN, you still have to file your business tax returns or you could face penalties.

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What Do I Need To Know About an EIN?

An employer identification number is your unique ID that the IRS uses when you file tax returns. It is also used for other financial situations to identify your business. You must have one if you have employees. You will complete a tax ID application to get your EIN. An EIN can also be used for other tax situations, such as for an estate of a deceased individual.

If you are issued an EIN, it remains on file with the IRS forever. It is never reused. You can cancel your EIN if you are not operating your business by sending a written request to the IRS.

More Information

If you want to know how to obtain EIN, then you can contact the IRS or use a service that will help you get one. Using a service can make the process easier and faster. It can also help you to avoid putting in duplicate application because you will go through two checks, one wit the company and one with the IRS, of your application.

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