Federal Employer Tax ID (FEIN)

Obtain your Federal Employer Tax ID (FEIN), with Getting Incorporated™'s Federal Employer Tax ID (FEIN) service. Applying for your Federal Employer Tax ID (FEIN) may be a mandatory legal requirement. Getting Incorporated™ can register an Federal Employer Tax ID (FEIN) for your business. Ensure you are properly registered with the Internal Revenue Service.

Business Law Update:

California

HB 2944

Under existing law, a director of a corporation is required to perform the duties of a director in good faith and in a manner that the director believes to be in the best interests of the corporation and its shareholders, and with the care of an ordinarily prudent person. This bill would specify that, in considering the best interests of the corporation, the director may consider the interests of the corporation's employees, the impact on the community, and the environment. Current Bill Status: March 13, 008 referred to Judiciary Committee.

Start Up Tip:

S Corporations are Tax Leveraged Entities

When your S-Corp makes money, your profits will be minimized by the salary you pay yourself, and your S-Corporation distributions are not subject to 15.3% in FICA taxes. Conversely, if your S-Corp happens to lose money, your losses will be exaggerated by the salary you have to pay yourself. Thus, if your real business losses are $10,000, but you need to pay yourself a reasonable salary of $20,000, then your tax loss will be at least $31,530 ($10,000 business loss + $20,000 salary + $1,530 employers FICA tax share). In this example your business loses $10k to pay you $20k, meaning you really made $10k doing business but are able to claim tax losses of over $30k. S-Corp are highly leveraged tax entities where your tax losses will always be greater than your economic losses, and your tax profits will always be less than your economic profits!

[Federal Employer Tax ID (FEIN)]

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