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FEIN Vs Social Security Number Vs ITIN

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Category : > Articles Library of Employer Identification Number
Posted On : Fri Aug 28th,2009

We will discuss below the distinction between Federal Employer Identification Number, Social Security Number and ITIN. How each number use in a business registration.

About FEIN (Federal Employer Identification Number) :

The FEIN is issued by the Internal Revenue Service to a business entity which is a unique number given to recognize each business entity. The IRS issue FEIN which is called an EIN to Corporations, Limited Liability Companies, Estates, Non Profit Entities, Sole Proprietorship if hiring employees. Generally, the EIN has nine digits 99-9999999.

How to Apply FEIN with the Internal Revenue Service?

A US resident, citizen or who has a valid social security number is eligible to apply FEIN online and which is available to view and print immediately, and later the Internal Revenue Service sends a hard copy of the EIN letter in the mail which also show the due dates of filings.

For example; Generally,Single member or a disregarded entity files Form 1040 Schedule C, end of the year and the due date is April, 15 of each year. A person who does not have a social security number either fax Form SS4 or Mail and the IRS generally issues in seven to ten working days.

Find Below The Most FAQ About FEIN:

Can multiple companies of one owner use the same EIN?

No, A unique EIN is issued to each entity.

Is FEIN required for a Sole Proprietorship company?

No, FEIN for a sole proprietorship is required to hire employees only.

Do foreign entities require to obtain EIN for each entity?

No, Principle company treats an umbrella of the other companies that are registered in other states and same EIN is used for all companies.

Does a domiciled or a moved company from one state to another get a new EIN?

No, the existing EIN is used, but must be notified of the Internal Revenue Service with the articles of incorporation or organization.


About SSN (Social Security Number):

The social security administration issue the social security number to an eligible person which is generally used to withhold taxes where as the EIN is used to file a business return.

About An Individual Taxpayer Identification Number (ITIN):

The ITIN is an alternative of a social security number to withhold taxes and opening a bank account. ITIN is issued by the Internal Revenue Service on the following conditions:

  1. Proof of income or business activity otherwise the IRS does not issue the FEIN.
  2. Comply Form W-7 Requirements
  3. The IRS estimated time to issue ITIN is 3-4 months


Difference between the Entity Number an EIN:

The entity number is issued by the Secretary of State which is generally printed in the articles or the formation or corporation, whereas, an EIN is issued by the IRS, which is generally used for the financial reporting such as to open a bank account and reporting income to the government agencies.




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