Emerging Business Experts
Who's Online
4 user(s) are online
Members: 0
Guests: 4
more...
Who's Online 10 day History
|
Recent Articles, News & Announcements
|
VIRGINIA RECOGNIZED AMONG ‘FIVE BEST STATES TO START A BUSINESS’ Posted by DigitalDominion
(2009/7/9)
|
| RICHMOND– Governor Timothy M. Kaine today highlighted Virginia’s ranking among the “Five Best States to Start a Business.” The recognition by U.S. News & World Report this week comes on the heels of the Commonwealth’s sixth number one ranking for its pro-business environment.
“The latest accolades accorded the Commonwealth demonstrate that Virginia remains a power player among business-friendly states,” said Governor Kaine. “As we work to get our economy back on track, it’s great to be recognized for continuing to attract innovative businesses to Virginia.”
“Virginia makes a great effort to assist in the establishment of small businesses with programs that streamline the startup process and connect entrepreneurs with resources,” said Virginia Secretary of Commerce and Trade, Patrick Gottschalk. “Our business one stop electronic business formation system is continually growing in popularity with Virginia’s entrepreneurs.”
From U.S. News & World Report: “Virginia- This state is not just "purple" in its voting patterns. Like blue states such as Massachusetts, It mixes the highly educated workforce and technological sophistication. And like red states such as Texas, Virginia is known for its low taxes. This state boasts the highest number of information technology jobs in non-IT industries as a total share of jobs, which indicates that Virginia’s businesses are more technologically advanced than businesses in other states.”
Virginia has been recognized as the most business-friendly state six times under the leadership of Governor Kaine. Last month, Pollina Corporate Real Estate Inc., a top U.S. corporate site relocation expert, ranked Virginia first in its annual study of pro-business states, marking the third time for the third time overall. During Governor Kaine’s administration, Virginia has also been recognized as the most business-friendly state in America (Forbes.com 2006-2008), one of the best states for business (CNBC 2007 and 2008), the top-performing state government in America (Governing Magazine 2008) and the state where “a child is most likely to have a successful life (Education Week 2007).”
To compile their report, U.S. News & World Report examined two leading studies that measure a state’s ability to promote entrepreneurship: the 2008 New State Economy Index from the Kauffman Foundation and the Information Technology and Innovation Foundation, and 2008’s Small Business Survival Index from the Small Business and Entrepreneurship Council.
|
|
|
|
-
[2009/6/2]
Topic 755 - Employer Identification Number (EIN) – How to Apply
Generally, an employer is a person or organization for whom a worker performs services as an employee. As an employer, you are generally required to withhold, deposit and report employment taxes. To file the various tax returns, including employment tax returns, you need a Taxpayer Identification Number (TIN). Specifically, you need an Employer Identification Number (EIN). However, a sole proprietor may use his or her social security number as the TIN if the business has no employees and is not required to file excise, employment, alcohol, tobacco, or firearms returns. A sole proprietorship is the only type of business that may use a social security number as its TIN.
An entity is considered to be a sole proprietorship for Federal tax purposes if an individual operates his or...
-
[2009/6/2]
Instructions for Form SS-4 (1/2009) Instructions for Form SS-4 (1/2009)
Use these instructions to complete Form SS-4, Application for Employer Identification Number. Also see Do I Need an EIN? on page 2 of Form SS-4.
Purpose of Form
Use Form SS-4 to apply for an employer identification number (EIN). An EIN is a nine-digit number (for example, 12-3456789) assigned to sole proprietors, corporations, partnerships, estates, trusts, and other entities for tax filing and reporting purposes. The information you provide on this form will establish your business tax account.
An EIN is for use in connection with your business activities only. Do not use your EIN in place of your social security number (SSN).
Reminders
Apply online. Generally, you can apply for and receive an EIN online using the Internet. See How To Apply later....
-
[2009/6/2]
Instructions for Form SS-4 - Introductory Material
What's New
Disregarded entities. Beginning in 2008, disregarded entities, including single-member limited liability companies (LLCs) that are disregarded as separate from their owner and qualified subchapter S subsidiaries, are required to file certain excise tax returns using the disregarded entity's name and EIN rather than its owner's name and EIN. This new filing requirement for disregarded entities also applies to employment tax returns, effective for wages paid on or after January 1, 2009. Disregarded entities not previously needing an EIN may now need to obtain an EIN for the payment and reporting of these taxes. See Disregarded entities on page 4 for details.
-
[2009/6/2]
Single Member Limited Liability Companies
Over the years, there has been confusion regarding Single Member Limited Liability Companies (SMLLCs) in general and specifically, how they can report and pay employment taxes.
An LLC is a new entity created by state statute. The IRS did not create a new tax classification for the LLC when it was created by the states; instead IRS uses the tax entity classifications it has always had for business taxpayers: corporation, partnership, or sole proprietor. An LLC is always classified by the IRS as one of these types of taxable entities.
A multi-member LLC can be either a partnership or a corporation, including an S corporation. To be treated as a corporation, an LLC has to file a Form 8832, Entity Classification Election (PDF), and elect to be taxed as a corporation. A...
-
[2009/6/2]
Disregarded Entities for Purposes of Employment Tax
Headliner Volume 252
November 13, 2008
For wages paid on or after January 1, 2009, single member/single owner limited liability companies (LLCs) that have not elected to be treated as corporations may be required to change the way they report and pay federal employment taxes and wage payments. On Aug. 16, 2007, changes to Treasury Regulation Section 301.7701-2 were issued. The new regulations state that the LLC, not its single owner, will be responsible for filing and paying all employment taxes on wages paid on or after Jan. 1, 2009.
A limited liability company is an entity formed under state law. For federal tax purposes, an LLC with more than one owner may be classified as if it were a partnership or a corporation. For federal tax purposes, an LLC with one...
-
[2009/6/1]
Canceling an EIN - Closing Your Account
Once an EIN has been assigned to a business entity, it becomes the permanent Federal taxpayer identification number for that entity. Regardless of whether the EIN is ever used to file Federal tax returns, the EIN is never reused or reassigned to another business entity.
The IRS cannot cancel your EIN. However, if you receive an EIN but later determine you do not need the number (the new business never started up, for example), the IRS can close your business account. The EIN will still belong to the business entity and can be used at a later date, should the need arise.
To close your business account, write to us at: Internal Revenue Service, Cincinnati, Ohio 45999 and state the reason you wish to close your account. If you have a copy of the EIN Assignment Notice...
-
[2009/6/1]
How EINs are Assigned and Valid EIN Prefixes
An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is used to identify a business entity.
Prior to 2001, the first two digits of an EIN (the EIN Prefix) indicated the business was located in a particular geographic area. In 2001, EIN assignment was centralized, although all 10 campuses can assign an EIN, if necessary.
As a result of the centralization effort, the EIN prefix no longer has the same significance. The EIN prefix now only indicates which campus assigned the EIN. Each campus has certain prefixes available for use, as well as prefixes that are solely for use by the online application and the Small Business Administration. The prefix breakdown is shown in the table below:
-
[2009/6/1]
Misplaced Your EIN?
If you previously applied for and received an EIN for your business, but have since misplaced it, try any or all of the following actions to locate the number:
* Find the computer-generated notice that was issued by the IRS when you applied for your EIN. This notice is issued as a confirmation of your application for, and receipt of an EIN.
* If you used your EIN to open a bank account, or apply for any type of state or local license, you should contact the bank or agency to secure your EIN.
* Ask the IRS to search for your EIN by calling the Business & Specialty Tax Line at (800) 829-4933. The hours of operation are 7:00 a.m. - 10:00 p.m. local time, Monday through Friday. An assistor will ask you for identifying information and provide the number to you...
-
[2009/6/1]
How Long Will it Take to Get an EIN?
You should apply for an EIN early enough to have your number when you need to file a return or make a deposit. You can get an EIN quickly by applying online, or by calling the Toll-Free phone number (800) 829-4933. International applicants must call (215) 516-6999 (Not a toll-free number). If you prefer, you can fax a completed Form SS-4 to the service center for your state, and they will respond with a return fax in about one week. If you do not include a return fax number, it will take about two weeks. If you apply by mail, send your completed Form SS-4 (PDF) at least four to five weeks before you need your EIN to file a return or make a deposit.
If you don't have your EIN by the time a return is due, write "Applied for" and the date you applied in the space shown for the...
|
Popular TaxPayer ID Web Links
Recent Taxpayer ID Downloads
Terms of Use, Copyright & Privacy Policies
|
Add this Website to Your Social Network Bookmarks
|
