Your company’s employer identification number is a permanent number that allows you to file taxes, hire employees, secure licenses and much more. In most cases, you can use it as soon as you receive it. However, the rules for using the Electronic Federal Tax Payment System are a bit different.
Why Do You Need Access to EFTPS?
Before the digital age took over, people had to send paper checks along with their tax forms to pay taxes. Now that technology is the norm, the IRS has gone digital, too. When you have access to the EFTPS, you can pay your taxes anytime you’d like by using an automated phone system or the specified government website.
How to Sign Up for EFTPS
Although it depends on the information you include in your application for an EIN number, most business owners receive automatic enrollment into the EFTPS. You will receive information on how to use the system as well as a personal identification number via postal mail.
When Can You Begin Making Tax Deposits?
Unfortunately, using your EIN to make tax deposits is one of the few activities that require a wait of a few days. First, you will need to receive your EFTPS information in the mail. Once you receive and receive the instructions, you can begin to use the website or automated telephone system to make tax payments.
How to Sign Up for an EIN
Signing up for an EIN is quite simple when you do so via IRS EIN Tax ID Filing Services. Simply navigate to their online application at EIN-IRS-Tax-ID, which is available 24 hours per day, every day. Once there, you will need to provide information about yourself and your business. While you can use the company’s IRS EIN lookup took to track your application, most applicants receive their new ID within a few hours or the next business day.