What is Federal Tax ID Number (EIN)?

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What is Federal Tax ID Number (EIN)?
2009.05.03

EIN stands for Employer Identification Number. Employer Identification Numbers can also be referred to as Federal Employer Identification Numbers, Tax Identification Numbers, and Federal Tax Identification Numbers.

An EIN is issued to all corporations established in the US. The EIN is analogous to a Social Security Number (SSN) and is mandatory for opening US bank accounts, obtaining loans, hiring employees, or conducting business in the United States.. It is a way for the federal government to examine the status of any corporation operating inside the US. Any legal document sent to any branch of the federal, and sometimes a state, government requires one to list an Employer Identification Number.