Detailed Answer
Disclaimer: This article is for educational purposes and does not constitute legal advice.
What Is an EIN and Why It Matters for an Estate in Maine
An Employer Identification Number (EIN) is a unique nine-digit number assigned by the IRS. An estate uses its EIN to open bank accounts, file federal and state tax returns, and complete various financial transactions.
Under Maine Revised Statutes Title 18-B § 3-705, an appointed fiduciary must obtain a taxpayer identification number for an estate.
Step-by-Step Guide to Applying for an EIN
- Confirm Your Appointment: Ensure you have received Letters Testamentary from the probate court. These letters validate your status as executor.
- Gather Required Information:
- Decedent’s full legal name and Social Security number
- Date and place of death
- Executor’s name, mailing address, and SSN or ITIN
- Estate’s mailing address
- Complete IRS Form SS-4: Fill out the Application for Employer Identification Number (Form SS-4).
- Submit Your Application:
- Online: Complete the process instantly at IRS EIN Online.
- By Fax or Mail: Fax the signed Form SS-4 to the IRS fax number or mail it to:
Internal Revenue Service
Attn: EIN Operation
Cincinnati, OH 45999
- Receive and Record Your EIN: Online applications provide an EIN immediately. Fax requests generally return a number within four business days. Keep the confirmation notice in your estate records.
Post-Application Steps
Once you have your EIN, use it to open estate bank accounts, file Form 1041 (U.S. Income Tax Return for Estates and Trusts), and report estate income and deductions to the IRS and Maine Revenue Services.
Helpful Hints
- Double-check all names and numbers to avoid processing delays.
- Use a dedicated email when applying online to receive immediate notifications.
- Keep digital and paper copies of the EIN confirmation letter.
- Contact the IRS at 800-829-4933 if you have questions about your application.
- Monitor Maine Revenue Services guidelines to ensure state compliance.