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WHAT IS EMPLOYER IDENTIFICATION NUMBER (EIN) AND HOW IS IT USED?

April 26, 2017EIN employer Identification Used

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WHAT IS EMPLOYER IDENTIFICATION NUMBER (EIN) AND HOW IS IT USED?

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An Employer Identification Number (EIN) is a nine-digit number that the U.S. Internal Revenue Service (IRS) assigns in the following format: 00-0000000. The IRS requires the number to identify taxpayers who must file various business tax returns. EINs are used by employers, sole proprietors, corporations, Limited Liability Companies (LLCs), partnerships, nonprofit associations, trusts, estates of decedents, governmental agencies, certain individuals, and other business entities. All U.S. banks require a business entity to furnish them their EIN, prior to opening a commercial account.