What is an EIN?

An Employer Identification Number (EIN) is a unique nine-digit identification code issued by the Internal Revenue Service (IRS) to a business. An EIN follows the format 12-3456789. It is used for filing tax returns, opening a bank account, and hiring employees.

Synonyms

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

Continue reading “Do I need an EIN?”.

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