Ein

[TriMax]

Do any of you folks know about Employer ID Numbers (EIN). I was looking into the club having a checking account and the folks where I ask said we would need to supply a EIN?????

Is it more trouble than it is worth?

 

[Engloid]

If you don't have any employees (only volunteers), I don't see why you would need an EMPLOYER Identification Number. Perhaps they didn't understand it was nonprofit?

 

[TriMax]

Yea, I told them we are a club, no employees, nonprofit. The EIN was for them, not us, I think.

 

[Steve W]

They are easy to get and cost nothing. Do a search for the Federal employee Identification number and fill out the form.

I have one but have never used it for a small business I'm trying to get started.

Steve

 

[macclellan]

Are we a formal (i.e. "incorporated") non-profit organization? According to this, we would need to have EINs if we are. They are easy to get, given instantly online here.

 

[Runner]

There may be some new tax implications that would have an impact based on whether we are incorporated or not. I can't remember what -- only I remember reading something a few months ago. I'll see if I can find it...

 

[dantj99]

Depending on how the club was set up it shouldn't make a difference. It is easy to get, just go to the IRS we site. When filing taxes you would use the EIN instead of the SS# or other ID number you use now. Use to do taxes and Corp. Bookkeeping for 7 yrs lol.

 

[Runner]

Looks like the treasurer's job just got more interesting.

 

[planejane]

This does pose a bit of a conumdron. Will having a EIN unnecessarily complicate the treasurers job or open up the cub to some sort of govt. regs?? ; Or, keeping status quo ( the treasurer keeps club money in a personal account ) could potentially lead to a "misappropriation" of funds.

 

[dantj99]

Well, it all depends on how the group is structured. If it is a True non-profit the accountant should have had you create an EIN from the beginning. Not sure how it is filed or how you file your income taxes, probably doing on your personal returns. If you do get a Non profit EIN, then a Non Profit income tax return will have to be filed each year, and EVERYTHING will have to be document, exp: Money deposited/spent,shareholders, etc. Will it possible cause more work, yes. I don't know how much money you need to manage, but it comes down to what you want to do. Hope this helps.