taxpayer identification number

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Tax Identification Number

A number the IRS assigns to businesses and other entities, such as trusts, for tax purposes. While the TIN exists for a variety of reasons, its main function is to ensure that each organization is billed for its own taxes, and not those of another entity with the same name. Social Security numbers serve as TINs for individuals.

taxpayer identification number (TIN)

For an individual, his or her Social Security number. For a business or fiduciary, its Employer Identification Number.

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It does not need to obtain a new taxpayer identification number.

Post-mortem: Sec. 645 Election Tax Planning Opportunities

They may avoid entering phone numbers or taxpayer identification numbers if the accounting system does not require this information in order to issue a check.

Detecting occupational fraud: billing schemes

The taxpayer must enter the responsible party's old and new Social Security number, individual taxpayer identification number, or EIN unless the only reason the taxpayer obtained an EIN was to make an entity classification election (see Regs.

Change in "responsible party" must be reported to the IRS

Separate calculation, reporting, and payment of all employment tax obligations by each state law entity with respect to its employees under its own name and taxpayer identification number.

IRS issues guidance on payment of employment taxes for disregarded entities

Exhibit (20)(10)00-7 provides an explanation of the taxpayer identification number (TIN) validation process.

IRS Penalty Handbook: information return penalties

3406 requires backup withholding (currently 28%) if the payee fails to furnish a correct taxpayer identification number (TIN) or the payer has been notified by the IRS that the payee has previously underreported interest or dividend income.

Penalty relief given, backup withholding delayed for payment card reporting

The first deals with the requirement for certain foreign grantor trusts to provide a taxpayer identification number (TIN).

Current developments: this article reviews and analyzes recent rulings and decisions involving partnerships. The discussion covers developments in partnership formation, foreign-source income, debt and income allocations, partnership continuation and basis adjustments

A number beginning with the number 9 may be an Individual Taxpayer Identification Number issued to a nonresident without a work permit.

Common mistakes on W-2, W-4 & 941 forms

Any changes that might be needed to Form W-9, Request for Taxpayer Identification Number and Certification, and related rules for soliciting taxpayer identification numbers (TINs), and other concerns regarding identifying payees.

Comments requested on expanded payment information reporting

If such a payment is subject to information reporting, and the payee has not certified his or her taxpayer identification number (TIN) on Form W-9, Request for Taxpayer Identification Number and Certification (or certain other conditions exist), the payer must perform "backup" withholding at 28%.

Information reporting for 2006 exempt interest

Also, the final regulations simplify the filing requirements of an electing trust, as well as the procedures for furnishing a taxpayer identification number to payors.

Trust treatment: final regs issued on election to treat revocable trusts as part of estate

In administering this exception, payers would have to possess the means of verifying a payee's taxpayer identification number (TIN) and its eligibility for exemption.

Corporate information reporting proposals and other initiatives to improve the administration and enforcement of employment taxes