Posted by Christine/MN on 5/9/13 7:50pm
Msg #469488

SSN /EIN

Hello Everyone,

I'm a new SA - I can't tell you how much I appreciate the forum and everyone's participation.

I've signed up with a 4-5 of the companies listed on SC (five star ratings only), and just read the recent post regarding the importance of using an EIN, not your SSN. How worried should I be about these companies having my W9? I have LifeLock (identify theft protection company), but am wondering if I should be taking any action proactively. BTW, this is my first post. Thanks!

Reply by Jack/AL on 5/9/13 8:28pm
Msg #469493

The identify theft problem continues to grow. You my have read some of the entries from fellow NotRot members whose identify was pilfered. I've used my SSN for years, but got so concerned that just yesterday I began using an EIN. I'm begun the arduous task of contacting every company with which I'm registered (dozens of them), sending a new W9 with the EIN, and asking them to not use my SSN. There are still dozens of companies with which I intend to register, so they'll just get the EIN (no SSN). The EIN really is easy to get, and well worth the peace of mind. Since you've sent your info to such a small number of companies, it will be easy to send them another W9 with the EIN, and ask them to remove your SSN from their files. Those 5-star companies with whom your registered may well be among those to worry the least about, but you can't tell for sure. Believe me, later on, there will be some shady ones, or good companies that seem to go bad and stop paying, don't return your calls, and go out of business. If they have your SSN, you'll have more justification to worry. I suggest you avoid many of the headaches by starting to use an EIN right away.

Reply by RIcloser on 5/9/13 8:47pm
Msg #469498

How does using an E I N affect one's personal tax return? Does it mean a separate tax return for "doing business as"? I intend to speak to my accountant about it, but I'm wondering what the input is here.

Reply by MikeC/TX on 5/9/13 11:16pm
Msg #469522

It doesn't require a separate tax return - the IRS knows who you are.

Reply by sueharke on 5/9/13 11:18pm
Msg #469523

When you file your schedule C, you use an EIN, not your SSN for your income and expenses. You don't have to have a DBA to use an EIN to conduct business under your own name. When sending W9's, use the EIN.

Reply by Moneyman/TX on 5/9/13 8:42pm
Msg #469496

When I first began, I too would send in the requested W9 information when I signed up with companies. It didn't take me long to realize that some companies might call a new NSA several months down the road, some may call that same month, but for a majority of them, it might be either 6 months + or never before a newly listed NSA would be called. Once I realized that was the case, I changed my policy regarding providing my W9 information to new-to-me companies (TC or SS).

Regardless of when I sign up with any company, I make sure to inform them of my policy regarding my W9 information. I will provide them will all the other requested information, including copies of certain documentation, however, I will only provide them a copy of my W9 once the documents have been received for the very first signing request. I only provide a copy of my W9 to companies that I provide services for in exchange for agreed upon payment terms. No W9 sent until there is a reason to create an invoice.

Booking a signing is not something that would normally generate an invoice from me in the regular course of my normal daily business. Booked appointments can be canceled days before the actual signing appointment. Printing docs will always generate an invoice, even if the signing is canceled after I print them. So I offer to either email them a copy of my W9 with my confirmation of receipt of the docs, or I offer to send in a hard copy with the returned docs after the signing. Whatever works for them. I have never had a single issue with any company over this policy. With the amount of identity theft today, they have all been very understanding of my policy.

That way, my business information can be in a company's database for them to call on me, but until they actually agree to hire me and I preform billable work, I remain in control of who has access to my Tax ID information.

This policy has also helped me to weed out a few bad companies that were either too new to be listed in SC or that were being prevented due to a company purposely hiding themselves by maintaining an agent listing. I have seen several companies that have asked me for my W9 but never called me that have ended up being 1 star companies with records of very slow/no pay after a few months.

I had one company call me a few weeks ago for a signing. I found their company was hiding their SS under an agent listing (while advertising in that section as a SS). They wanted to book the time, but would not send me the BO's information for me to confirm with the BO until I sent them a copy of my W9. Within minutes of receiving my email explaining my W9 policy, the "confirmed" last minute signing was suddenly canceled. Since then, I have discovered that some other NSA's have had very negative experiences with this particular company.

Reply by NVLSlady/VA on 5/9/13 8:46pm
Msg #469497

Christine, obviously you now have an EIN -as you HAVE read the posts. So now going forward you can use on W9 as requested. This should lessen you "worries," depending upon how many W9s you have floating around out there with your SSN. Some companies want driver's license, too. No worries there. Most states don't use SSN identifiers.

You're an IC and companies don't need your SSN to hire you. LifeLock is one way of being proactive (AAA also offers ID theft programs for premier mbrs); but mainly just guard your private information to the extent possible - which means not sharing any personal data that is not necessary and/or asking companies how they intend to use and protect your info. Be sure to monitor cbr (credit bureau reporting) activity regularly if your concerns are really high and you suspect unauthorized use of your info (https://www.annualcreditreport.com), which of course has been discussed here, as well.

p.s. I welcome and applaud you for still wanting to join in the conversation, especially If you've been here the last few days. I also like the positive tone of your very 1st post. "Everyone's participation" is indeed needed - but not always valued. Just keep on using the Search and Reading all you can; such a proactive approach (as you mentioned above) will earn you the respect of your fellow notaries. For what That's worth, only time will reveal . . . but keeping posting anyway.

Reply by sueharke on 5/9/13 11:13pm
Msg #469520

The IRS is able to connect your EIN to your SSN. The State of CA is not able to connect your SSN to your EIN, so if you deal with CA, expect some issues. Heck, CA can't connect SSN to the correct name!

But, yes use an EIN. Be sure to check your credit reports yearly, even if you are not in business. BTW, I responded as a notary and CPA.

I read an article that says the IRS will be asking people with an EIN to reconfirm their information - name, address, SSN in Jan 2014. So, everyone look out for this new fun time with the IRS....

Reply by docs2go/ca on 5/9/13 11:56pm
Msg #469527

Re: SSN /EIN; (Newbie, too)

Thanks to everyone for their input on this subject! I am fairly new to the Forum but already
have found it invaluable. It feels like a life-line of sorts to the Notary community. 'Much
appreciated!

Reply by sueharke on 5/10/13 2:03am
Msg #469543

Re: SSN /EIN; (Newbie, too)

Thank you for your polite kind comment. Most people in this forum are will to share with people who wish to learn and improve their skill.