📝 Overview
Your tax identifiers and deposit schedules are collected during company onboarding and stored in your Profile. This article covers what a FEIN is, how to locate one, and where to find and update each of these settings if changes are needed after onboarding.
🔑 What is a FEIN?
A Federal Employer Identification Number (FEIN) is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify businesses operating in the United States. It is used to identify your business for tax purposes, as well as for opening bank accounts, applying for loans, and filing and paying payroll and other business taxes. Think of it as your business's identification number with the IRS.
FEINs always follow the format XX-XXXXXXX. DaySmart Payroll only accepts this format when entering your FEIN.
💡 Pro Tip: Not sure where to find your FEIN? Here are a few places to check:
Business documents: Your FEIN appears on previous tax returns, business registration paperwork, and official IRS correspondence.
Your bank: If you opened a business bank account, your bank may have your FEIN on file.
Your accountant or tax preparer: They typically have your FEIN on record for tax filing purposes.
The IRS directly: Call (800) 829-4933. They will verify your identity before providing the number.
⚙️ Federal Tax Identifier (FEIN)
Your FEIN is entered during the Fill in your tax info step of company onboarding. If you need to update it after onboarding, follow the steps below.
⚠️ Important Note: If your company has already run payroll, you will not be able to update your FEIN directly. Contact DaySmart Support for assistance.
If payroll has not yet been run, follow these steps:
Navigate to Profile in DaySmart Payroll.
Click the Edit icon on the Tax Info card.
Under Federal tax info, click Edit.
Enter the updated FEIN in the field provided.
Click Save.
⚠️Important Note: Make sure your FEIN is accurate before saving. An incorrect FEIN can result in penalties and interest when taxes are paid and filed.
🔧 State Tax Identifiers & SUI Rate
Your state account number(s) and State Unemployment Insurance (SUI) rate are also collected during the Fill in your tax info onboarding step. Both can be updated from your Profile, as long as payroll has not yet been run.
⚠️ Important Note: If your company has already run payroll, you will not be able to update state tax information directly. Contact DaySmart Support for assistance.
If payroll has not yet been run, follow these steps:
Navigate to Profile in DaySmart Payroll.
Click the Edit icon on the Tax Info card.
Under State tax info, find the state you need to update and click Edit.
Update the state account number and/or SUI rate in the fields provided.
Click Save.
💡Pro Tip: If you are unsure of your state account number, contact the corresponding state agency for verification. If you are unsure of your SUI rate, contact your state's unemployment insurance department.
📆 Deposit Schedules
Your state and federal deposit schedules are set up during company onboarding. If they were not completed at that time, you can add them from your Profile.
⚠️ Important Note: Once a deposit schedule section has been completed, you will not be able to edit it directly. Contact DaySmart Support if changes are needed.
To add a deposit schedule:
Navigate to Profile in DaySmart Payroll.
Select the Profile tab.
Find the Tax Info section and click Edit.
Add your federal or state deposit schedule in the fields provided.
Click Save.
❓ Frequently Asked Questions (FAQs)
Find answers to common questions or additional details that may not be covered in the main instructions.
Click the arrow to view frequently asked questions.
Click the arrow to view frequently asked questions.
What is a FEIN and why do I need one?
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Click the arrow to see the answer.
A FEIN (Federal Employer Identification Number) is a unique nine-digit number the IRS assigns to identify your business for tax purposes. You need it to file and pay taxes, hire employees, open business bank accounts, and apply for loans. It is required to complete payroll setup in DaySmart Payroll.
Where can I find my FEIN?
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Click the arrow to see the answer.
Check any of the following:
Previously filed tax returns or IRS correspondence
Business registration paperwork
Your business bank account records
Your accountant or tax preparer
The IRS directly at (800) 829-4933
What is a SUI rate and why does it matter?
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Click the arrow to see the answer.
Your SUI (State Unemployment Insurance) rate is a percentage set by your state that determines how much you contribute to the state unemployment fund each pay period. It affects your payroll tax calculations, so accuracy is important. Contact your state's unemployment insurance department if you are unsure of your rate.
Can I update my tax identifiers after running payroll?
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Click the arrow to see the answer.
No. Once payroll has been run, your FEIN, state account numbers, and SUI rate cannot be updated directly. Contact DaySmart Support for assistance.
What happens if I enter the wrong FEIN or state account number?
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Click the arrow to see the answer.
Incorrect tax identifiers can result in penalties and interest when taxes are paid and filed. If you have entered incorrect information, contact DaySmart Support as soon as possible.
What if my deposit schedule was not set up during onboarding?
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Click the arrow to see the answer.
If your deposit schedule was not completed during onboarding, you can add it from the Tax Info section of your Profile, as long as the section has not already been completed. If the section is locked, contact DaySmart Support.
What if I need to change a deposit schedule that has already been completed?
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Click the arrow to see the answer.
Once a deposit schedule section has been completed, it cannot be edited directly. Reach out to DaySmart Support and they can assist with making the update.