Wednesday, April 28, 2010

How can I apply for tax identification number/EIN?

Infotaxsquare.com can help you obtain federal employer number or tax identification number in various ways like you can apply online, by telephone service, by fax, or by email. All you need to do is to fill out Interview-style online EIN application. It's fast, free, and user-friendly!

Tuesday, April 27, 2010

When do I need Employer ID Number?

Generally, businesses need a new EIN when their ownership or structure has changed. Although changing the name of your business does not require you to obtain a new EIN. Getting a new EIN also depends on the type of your business entity.

Monday, April 26, 2010

Employer Identification Number?

An Employer Identification Number (EIN) is used to identify a business for tax purposes with the Internal Revenue Service (IRS). An EIN or FEIN, also referred to as a Tax Identification Number (TIN), is similar to a social security number for your business. Every business, except for certain sole proprietorships that do not have any employees, should have a federal employer identification number (FEIN). Certain nonprofit organizations for example: churches, clubs, etc., trusts, and estates must also have an EIN.

A business is required to obtain a Federal Employer ID Number if it hires employees or meets other IRS guidelines. In addition, banks usually require businesses to obtain an Employer ID Number prior to opening a business bank account.

Other names

EIN also known as the Tax Identification Number (TIN), Federal Employer Identification Number (FEIN) or the Federal Tax Identification Number, the EIN is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to business entities operating in the United States for the purposes of identification.

To Read More: Employer Identification Number?

Source: Business Documents Filing In All 50 States

Friday, April 23, 2010

What types of products are covered under the law?

You must obtain a license if you sell any type of tobacco products. These include cigarettes, cigars, smokeless tobacco, pipe tobacco, etc., as defined by Revenue and Taxation department.

Source www.infotaxsquare.com

Thursday, April 22, 2010

What will happen if I do not obtain a license?

If you do not obtain a license and continue to sell cigarettes or tobacco products, you will be subject to fines or imprisonment up to one year, or both.



Source www.infotaxsquare.com

Wednesday, April 21, 2010

Can our corporate office apply for licenses for all store locations, or does each store have to apply separately?

A corporate office may submit a single application for all of its stores, but the appropriate information (addresses, etc.) must be stated on the application along with the submission of the fee for each store.

Source www.infotaxsquare.com

Tuesday, April 20, 2010

Do I have to renew my license?

Yes. The license must be renewed annually. However, if you fail to renew your license timely and allow your license to expire, you will be required to pay a reinstatement fee as a precondition for reinstatement. Please remember that you may not sell cigarette and/or tobacco products without a valid Cigarette and Tobacco License/Cigarette vending machine license.

Source http://www.infotaxsquare.com