Q:

What is the difference between an EIN and a TIN?

A:

Quick Answer

A taxpayer identification number, or TIN, is used by the Internal Revenue Service to track individuals and entities for tax purposes, and an employer identification number, or EIN, is one form of a TIN. Many people confuse a TIN with an individual taxpayer identification number, or ITIN, which is also a form of a TIN.

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Full Answer

An EIN is used by the IRS to recognize a business. Businesses must submit a form requesting an EIN when they open so that any taxes paid while operating as the business can be tracked separately from personal taxes. An ITIN is for nonresident and resident aliens who cannot obtain a Social Security number. A TIN must be on any tax related documents sent to the IRS, including tax returns and treaty benefit claim forms.

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Related Questions

  • Q:

    How long does it take for an EIN number to be recorded with the IRS?

    A:

    Individuals or company agents who apply for an EIN, or employer identification number, online have their number immediately recorded with the IRS as soon as the application is completed and verified, as stated by the IRS. The application is available on the IRS website. Once it is submitted, the party receives a confirmation notice that contains the new recorded EIN number.

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  • Q:

    What is a federal EIN number?

    A:

    A Federal Employer Identification Number is used by the Internal Revenue Service to identify a business entity. These identification numbers are issued by the IRS and are also sometimes referred to as Federal Tax Identification Numbers.

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  • Q:

    What is the difference between an EIN and an UBI number?

    A:

    An employer identification number is issued to a business entity by the federal government as a tax identification number. A unified business identifier is issued by Washington state to identify a business entity.

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  • Q:

    What is the cost of an EIN number?

    A:

    As of 2015, applying and receiving an EIN number is free, and is part of a complimentary service through the Internal Revenue Service. An application for an EIN number can be done through four different methods, which are online, fax, mail and by telephone.

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