The term "FEIN" stands for Federal Employer Identification Number.
What is a FEIN?
- It is a unique nine-digit number assigned by the Internal Revenue Service (IRS).
- Used to identify a business entity for tax purposes in the United States.
- Sometimes also called an EIN (Employer Identification Number).
Who needs a FEIN?
- Businesses, including corporations, partnerships, and sole proprietors who have employees.
- Non-profit organizations.
- Estates and trusts.
- Other entities that need to file tax returns or pay federal taxes.
Why is a FEIN important?
- It is used to report taxes, open business bank accounts, apply for business licenses, and hire employees.
- Helps the IRS track a business’s tax responsibilities.
If you want, I can help you find out how to apply for a FEIN or provide more details about its uses!
