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taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 392
Experience:  Licensed CPA, MA, MST with 29 year's experience. Teach Accounting and Tax courses at Masters level.
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Scenario: (State of Texas) A business holding company has multiple

Resolved Question:

Scenario: (State of Texas) A business holding company has multiple corporations under it. The holding company reports each corporation on their tax return under the same tax ID. The corporations are each filed with the Secretary of State, but do not have their own tax ID. Is this acceptable, or does each corporation have a legal obligation to have their own tax ID?
Submitted: 1 year ago.
Category: Tax
Expert:  taxmanrog replied 1 year ago.

Welcome to Just Answers! Thank you for giving me the opportunity to assist you! I will do my best to help!

If each of the companies is a separate legal entity that files with the Secretary of State, then you DO need to get each one of them their own Federal Employer ID Number (FEIN) in order to properly file taxes.

The process that you are trying to accomplish, reporting the income from each one of the companies, or subsidiaries, under the parent holding company, is called filing a consolidated tax return. In order to file a consolidated return, each company in the consolidated group needs to have its own FEIN.

You can obtain a FEIN for each company fairly easily online at http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-%28EIN%29-Online

This online service is, unfortunately, unavailable from August 30 until September 3, 2013, while the IRS updates its system.

I hope this answers your question! If you have any more, please feel free to ask! If you have found my answer helpful, please rate me highly! I would appreciate it!

Again, thanks! Have a great holiday weekend!

Roger

taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 392
Experience: Licensed CPA, MA, MST with 29 year's experience. Teach Accounting and Tax courses at Masters level.
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