What is an EIN?
An Employer Identification Number (EIN) is like an Social Security Number (SSN) for your business. It is a unique nine-digit number assigned by the Internal Revenue Service (IRS) and follows the format 12-3456789. It is used for filing tax returns, opening a bank account, and hiring employees.
An EIN goes by many names. All the following refer to the same ID for your business:
- Employer Identification Number (EIN)
- Federal Employer Identification Number (FEIN)
- Federal Tax Identification Numbers (TIN)
What is an EIN Used For?
Even though it’s called an Employer Identification Number, an EIN is not just for companies that have employees. An EIN is used for many business tasks including:
- Opening a bank account
- Hiring employees
- Applying for business licenses
- Filing tax returns
Quick Facts About EINs
- EIN stands for Employer Identification Number
- EINs are issued by the US Internal Revenue Service (IRS)
- EINs are 9 digits and follow the format 12-3456789.
- Just like an SSN, an EIN is a sensitive piece of information that you should keep private.