A weekly look at Wyoming business questions from the Wyoming Small Business Development Center, part of WyomingEntrepreneur.Biz, a collection of business assistance programs at the University of Wyoming.
By Margie E. Rowell, WSBDC regional director
"How do I get a Tax Identification (ID) number for my new business?" W.D., Dubois
Many times a banker will tell a new business owner they need a Tax ID. What the new business owner may not know is that there are different types of Tax ID numbers. Do they mean an Employer Identification Number (EIN) or a Wyoming Sales Tax Number? What are the differences?
An EIN also is known as a federal tax identification number and is used to identify a business entity. This is normally what the bank means when they say "Tax ID." The Internal Revenue Service Web site http://www.irs.gov/businesses/small/article/0,,id=98350,00.html has the necessary information needed to determine if the business will actually need this type of tax ID number.
Wyoming Sales/Use Tax License Number. This also can be referred to as a Tax ID number. This normally is not what the banker is referring to when asking for a Tax ID. This is needed for any person who meets the following definition of vendor and must license to collect and remit sales tax.
A vendor means any person engaged in the business of selling at retail or wholesale tangible personal property, admissions or services which are subject to taxation. If there is any doubt who must have a Wyoming Sales Tax Identification Number call the Wyoming Department of Revenue Education and Taxability Services. Contact Terri Lucero, education taxability manager, at (307) 777-5293 or e-mail terri.lucero@wy.gov.
The Education and Taxability section provides services to all taxpayers with written taxability determinations, seminar request and educational information. For more information e-mail dor_taxability@state.wy.us or call (307)777-2459.
If you are still confused about Tax ID number, visit the WyomingEntrepreneur.biz Web site at http://wyomingentrepreneur.biz/ and set up a free confidential meeting with one of the professionals.
A blog version of this article and an opportunity to post comments is available at
http://www.wyomingentrepreneur.typepad.com/blog/.
The WSBDC is a partnership of the U.S. Small Business Administration, the Wyoming Business Council and the University of Wyoming. To ask a question, call 1-800-348-5194, e-mail wsbdc@uwyo.edu or write 1000 E. University Ave., Dept. 3922, Laramie, Wyo. 82071-3922.
