TIN stands for “Taxpayer Identification Number”, and EIN stands for “Employer Identification Number”, but these both refer to the same thing: a 9 digit number assigned by the IRS to identify a new entity, either a business entity such as an LLC or Corporation, or entities like a Trust or an Estate of a Deceased Individual.
The difference between EIN and TIN is the way the company uses the identification number; if it is used for tax purposes, it is TIN, and if it is used for employment purposes, then it is called ENT, or Employer Identification Number.
An EIN is a tax identification number for a business. The acronym ‘EIN’ stands for ‘Employer Identification Number.’ This number is how a business is identified to entities like other businesses, banks, and the IRS.
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.
If you’re wondering about the differences between a TIN vs. EIN, SSNs and ITINs are tax IDs for individuals, while EINs are used for businesses. Who Needs an ITIN? If you don’t meet the requirements to obtain an SSN, you may have a TIN assigned to you. This is simply a personal tax ID number with nine digits.
• EIN is Employer Identification Number and is required by a business that employ workers. • EIN or SSN is basically different names for the same tax identification purpose where TIN is the generic name, and it is ITIN or Individual Tax Identification Number that is commonly used for individuals.
TIN vs. FEIN. So, what is the difference between an FEIN vs. federal tax ID number, or the difference between an EIN vs. tax ID number? A FEIN is the same as a federal tax ID number and EIN, and a TIN is one type of this tax identification. When you are trying to get your business started, you want to have all of the proper information.
Last updated on July 31, 2018. Understanding Taxpayer ID Numbers: TIN, SSN, EIN, and ITIN. Note: This article is written for people forming an LLC (Limited Liability Company) in the United States and who need to get an EIN from the IRS. Understanding Taxpayer ID Numbers is foundational information you need to properly understand our EIN lessons.
A Taxpayer Identification Number (TIN) is an identification number used by the Internal Revenue Service (IRS) in the administration of tax laws. ... An Employer Identification Number (EIN) is also known as a federal tax identification number, and is used to identify a business entity.
Difference between EIN and Tin Employer Identification Number (EIN) and Taxpayer Identification Number (TIN) are two numbers that are issued by the Internal Revenue Service (IRS) to the individuals who aim to start a business.