A federal employer identification quantity (FEIN), or, much less generally, a federal tax identification quantity (FTIN), is a singular quantity assigned by the Inner Income Service (IRS) to companies working in the USA for the needs of identification. Each employer who pays wages is required to have an FEIN.
An FEIN is a vital identifier for companies, because it allows them to file taxes, open financial institution accounts, and rent workers. Traditionally, the FEIN was known as the Employer Identification Quantity (EIN) till the late Nineteen Nineties, when the IRS expanded its use to non-employer entities resembling trusts, estates, and partnerships, resulting in its official identify change to the extra inclusive FEIN.
