This article will help you in understanding about the EIN and TIN Numbers in QuickBooks Desktop. We will also help you in distinguishing between federal EIN and federal TIN along with their importance.
EIN stands for Employer ID Number and TIN stands for Taxpayer ID Number. These are the identification numbers that the Internal Revenue Service requires to track your tax info.
The EIN refers to the business entities, whereas the TIN refers to the individual taxpayers. You need to visit the official website of the IRS for more information.
Learn About The EIN
The Internal Revenue Services provides Employer ID Numbers to each business entity. In short, EINs are used to track payroll tax liabilities and payments.
- All employers mandatorily require an EIN.
- The Social Security Numbers are not usually used as an EIN by the household employers. However, if they have an EIN even if they are the proprietor, the same EIN can be used.
- Sole proprietors can also use their Social Security Number in place of their EIN when the business doesn’t have any employee or when there’s no need to file any excise, employment, alcohol, tobacco, or firearms returns.
Learn about the TIN
The Taxpayer ID Numbers are used by the IRS to track tax liabilities and payments for individuals. In simple language, both employers and employees have TINs:
- TIN and EIN are the same for an employer.
- Your Social Security Number is your TIN if you are an employee.
You need to visit the official website of the IRS for more information.
Get An EIN
You can apply for an EIN and get complete knowledge about the requirements at the official website of IRS. You will instantly get your EIN if you do it online.
Technical Support For QuickBooks Desktop
The information provided in this article should be helpful for you in understanding the EIN and TIN properly. However, if you are still in any confusion, you should consult an accounting professional instantly so that you don’t end up putting incorrect entries for your business. For this you can connect with the ProAdvisors of getsupportnumber by dialing the toll-free number +1800-34-6955.