Posted by Darlene Fontenot on 3/31/11 10:11am
Msg #378091

Which is better to have

A EIN number or a TIN?

Reply by bagger on 3/31/11 10:22am
Msg #378094

EIN n/m

Reply by Shoshana/AZ on 3/31/11 10:45am
Msg #378099

You already have a TIN...

it's your SS#. The EIN is a must because it lessens your chances of identity theft when you use it on the paperwork you submit to signing services and title companies.

Reply by C. Rivera Chicago Notary Services on 3/31/11 12:37pm
Msg #378117

EIN...that way you don't give out your SS# out to anyone!

A TIN are for those that can't obtain a SS#....

Reply by C. Rivera Chicago Notary Services on 3/31/11 1:08pm
Msg #378122

correction...should be ITIN... n/m

Reply by LisaWI on 3/31/11 1:15pm
Msg #378127

Re: correction...should be ITIN...

You beat me to it Cari

Reply by LisaWI on 3/31/11 1:14pm
Msg #378124

Re: EIN...that way you don't give out your SS# out to anyone!

Actually a TIN is a Taxpayer Identification number and can be one of four numbers as needed for specific situations. Your SSN, a EIN, an ITIN and a ATIN. The ITIN is for the resident and nonresident aliens who cannot obtain a SSN.

Reply by PAW on 3/31/11 1:25pm
Msg #378132

Actually, there are 5 different TINs

* Social Security Number "SSN"
* Employer Identification Number "EIN"
* Individual Taxpayer Identification Number "ITIN"
* Taxpayer Identification Number for Pending U.S. Adoptions "ATIN"
* Preparer Taxpayer Identification Number "PTIN"

Ref: http://www.irs.gov/businesses/small/international/article/0,,id=96696,00.html

PTINs have recently been added for tax preparers.

From the IRS: "New regulations require all paid tax return preparers (including attorneys, CPAs, and enrolled agents) to apply for a Preparer Tax Identification Number (PTIN) — even if you already have one — before preparing any federal tax returns in 2011. "

Reply by MikeC/NY on 3/31/11 5:29pm
Msg #378181

Re: Actually, there are 5 different TINs

Am I reading this right, PAW - even if you already have a PTIN, you have to apply for another one? I thought the whole point of preparers getting one last year for free was to avoid having to pay to get one this year?

Reply by PAW on 3/31/11 8:22pm
Msg #378212

Maybe ...

The following is from the IRS:

"Beginning January 1, 2011, if you are a paid tax preparer you must use a valid Preparer Tax Identification Number (PTIN) on returns you prepare. Use of the PTIN no longer is optional. If you do not have a PTIN, you must get one by using the new IRS sign-up system. Even if you have a PTIN but you received it prior to September 28, 2010, you must apply for a new or renewed PTIN by using the new system. If all your authentication information matches, you may be issued the same number. You must have a PTIN if you, for compensation, prepare all or substantially all of any federal tax return or claim for refund."

The important line is: "Even if you have a PTIN but you received it prior to September 28, 2010, you must apply for a new or renewed PTIN by using the new system."