When would my business need to file for a new EIN?

When would my business need to file for a new EIN?

Gregg Wind (Partner, Wind Bermer Hockenberg, LLP) gives expert video advice on: As a self-employed person, how do I handle my tax withholding? and more...

There may be reasons why you would want to keep the same employer identification number (EIN), some states and federal jurisdictions base unemployment insurance rates and other rates on the length of an employer's history. So if you're using an employer identification number (EIN) for that purpose you may want to maintain it, especially if you haven't had a lot of dismissals or a lot of unemployment claims against your company. Otherwise it's usually good practice to obtain a new employer identification number (EIN) number when you start a new business or move to another business. Anytime you form a new business, or any time you plan on hireling employees, you should apply for a taxpayer ID. If you're transitioning a business, maybe dissolving one business and starting another, it's probably good practice to get a new tax payer ID number. So if you had a hardware store before that you sold and now you're buying a restaurant it's probably best to open up a new account.