Yes! EIN is public information and it should be strictly guarded just like the Social Security number (SSN), An Employer Identification Number (EIN) is assigned to a business entity by the IRS to easily identify such an entity.

Overview

EIN is a unique-nine digit number, which is assigned to business entities, EIN could be acquired by registering online, sending a fax or by mail. (acquiring EIN online is the fastest way to acquire one).

EIN can help business owners get business loans passed or open an account from banks, acquire certain licenses, etc. EIN helps the business owners to share their financial information to the IRS.

Risks related to sharing EIN

It is recommended to EIN confidential as there are many risks and scams could be practiced if the information is passed to the wrong hands of one such being Corporate Theft which is something similar to identity theft but being done to corporates.

When criminals get access to EIN, they can open a corporate bank account, corporate credit cards, etc.

By being an imposter, they are able to buy items at a wholesale price and the purchases will be listed under the corporate’s name which leads to issues in the corporate’s accounts during an IRS’s audit and the corporation will be held responsible.

Solution:

  • It is recommended to have a regular EIN check for suspicious activities.
  • Avoid giving EIN without taking strict measures or without doing background checks.
  • Do not make your EIN information available to the public.

While disclosing EIN information over the network, make sure that the other websites have “http” prefix in their web address.

We can help you too!

ITINCAA (AKA TAXANDACCOUNTING HUB) aims to provide expert solutions to you ITIN, EIN, or US Personal tax-related matters considering the appropriate double taxation treaty rules and correct supporting documentation. We have provided EIN registration services for over 18 years, and we are a registered EIN service provider recognized by the IRS.

Get in touch with us at

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