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What is a Federal Tax ID (EIN) Number?

April 26, 2017EIN federal tax Id

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What is a Federal Tax ID (EIN) Number?

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A. A Federal Tax ID (EIN) Number, also known as an Employer Identification Number or EIN, is basically a Social Security Number (SSN) for businesses. It is the number the Internal Revenue Service (IRS) uses to identify the business, and it must be included on all federal tax filings the business makes. Also, banks generally require an EIN to open business bank accounts.