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What is an Employee Identification Number (EIN)?
Employer Identification Number (EIN) is a 9-digit unique identification number allotted by the Internal Revenue Service (IRS) to a business entity in order to make it easily identifiable.
Are EIN and Federal Tax ID same?
The Federal Tax ID Number and EIN, are two different names that refer to the same 9-digit number granted to business entities by the IRS. This EIN or Tax ID are assigned by IRS to businesses to administer tax laws.There few other names used by IRS for EIN, which include TIN (Tax ID Number), Tax ID, FEIN (Federal Employer Identification Number), and Federal Tax ID.The most commonly used terms are Tax ID and EIN, which are the same thing. The EIN are assigned by the IRS to identify a business entity, and its additional entities. Getting an EIN is important for a business, as it determines the type of bank account your business is eligible to open, how a you will get taxed, and how your business must handle a lawsuit.