Federal Employer Identification Number
Federal Employer Identification Number or EIN or TIN
- The Federal Tax
Identification Number is a number (like a corporate Social Security Number)
assigned to your corporation by the Federal Government.
As the name implies this
is used for tax purposes. You need your Federal Tax ID Number to fill out
payroll reports, pay federal taxes, and even open a corporate bank account. As
you already may have discovered, many banks require your TIN before letting you
open your corporate bank business checking account even when you honestly tell
your banker that your company will not have any employees for a year or so.
Disclaimer: The foregoing is intended to provide general information and may not be suitable in specific instances. The glossary information is not intended to be exhaustive, but rather to illustrate typical considerations. The material is provided with the understanding that it is not legal, accounting, tax or any other professional advice.
Disclaimer: The foregoing is intended to provide general information and may not be suitable in specific instances. The glossary information is not intended to be exhaustive, but rather to illustrate typical considerations. The material is provided with the understanding that it is not legal, accounting, tax or any other professional advice.
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