What is the difference between the Federal Employer Tax ID number (EIN) and the Individual Taxpayer Identification Number (ITIN)? The Federal Government and Local States use numbers to identify you and your corporations or LLCs, such as a Social Security number, driver's license number, passport number, DUNS number and EIN (Employer Identification Number). 𝗘𝗜𝗡: An EIN, or The Federal Employee Tax ID Number, is an identification number used by the IRS to administer tax laws. The Federal Tax ID Number is used to identify an entity to the IRS, banks and other businesses. Your EIN Is like the social security number for a business. This number required to operate your business in the United States, such as establishing a business bank account in the United States, hiring employees and filing taxes with the IRS and your local tax. 𝗜𝗧𝗜𝗡: An ITIN, or The Individual Taxpayer Identification Number is a tax number only available to certain non-U.S. residents and resident aliens and their spouses and dependents who cannot get a Social Security Number (SSN). However, you do not need a SSN to operate a business in the U.S. ITINs always start with a "9" and are typically formatted like a Social Security number: 9xx-xx-xxxx. The ITIN is needed by many non-U.S. residents who form a corporation or LLC in the U.S. If there is a tax filing requirement with the IRS, an ITIN is needed. For example, if your business has a taxable event or U.S. source income and profits or losses that flow through to the member or shareholder, owners - depending on your business structure. Therefore, you would need to obtain an ITIN in order to prepare your tax return. ITIN’s are provided by the IRS regardless of immigration status because both resident and non-resident aliens may have a U.S. filing or reporting requirement under the Internal Revenue Code (26 U.S. Code). Do you need a ITIN? You can contact one of our ITIN Certified Acceptance Agents (CAA) at 800-558-6821. Tag a business owner who needs this information! #stephensbrostaxservice #ein #itin https://www.instagram.com/p/CGNQijsF-tT/?igshid=idqxavl1sh19
