What is the Federal Tax ID Number?
Frequently Asked Questions | FAQs
The federal tax ID number is an EIN number set up by the Internal Revenue Service (IRS) for businesses. The federal tax ID number typically applies to business owners hire employees, open bank accounts, file their taxes or a number of similar operational tasks. An employer must use the employer identification number as a means of identification. There are also many other uses for Tax IDs. For example, when a person dies and leaves an estate of deceased, the executor needs to obtain an estate tax ID number because the estate is looked upon as though it is a business. When an individual who dies has substantial investments, the estate receives dividend income. Any income exceeding $600 a year is, in the eyes of the IRS, a legitimate business and must obtain a Tax ID.
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