Finance Questions? Ask a Financial Expert for Answers ASAP
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Let us first talk about TIN-- This is Tax Payer's Identification Number r used by the Internal Revenue Service (IRS) in the administration of tax laws. It is issued either by the IRS.
The following is an excellent informatory resource.http://www.irs.gov/Individuals/International-Taxpayers/Taxpayer-Identification-Numbers-(TIN)
Let us talk about EIN now. EIN -- This is Employer Identification Number. An Employer Identification Number (EIN) is also known as a federal tax identification number, and is used to identify a business entity. It is also used by estates and trusts which have income which is required to be reported on Form 1041, U.S. Income Tax Return for Estates and Trusts (PDF). Refer to Employer ID Numbers for more information.Refer the following excellent resource.http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Employer-ID-Numbers-EINs
EIN is a type of Tax identification numbers. EINs are required to be taken by businesses and the TINs by individuals.The following explains the difference between the two.http://biztaxlaw.about.com/od/businessstartupsteps/f/taxidvsein.htm
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