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  1. #1
    Join Date
    Jun 2008
    Location
    Maryland
    Posts
    1,049

    Default federal tax ID #

    I'm doing an inspection for a company that rents property. They have requested my Fed tax ID #. I have never had this requested before. Why do they need it and is there any concern in providing it?

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  2. #2
    Join Date
    Mar 2007
    Location
    New Mexico
    Posts
    1,258

    Default Re: federal tax ID #

    No big deal. They are probably going to give you a 1099 after year end if they pay you over $600, or just in general.

    Jim Robinson
    New Mexico, USA

  3. #3
    Join Date
    Jun 2008
    Location
    Maryland
    Posts
    1,049

    Default Re: federal tax ID #

    OK cool. $600 huh? I guess I shoulda quoted a higher price.


  4. #4
    Ron Bibler's Avatar
    Ron Bibler Guest

    Default Re: federal tax ID #

    If you do not have a TAX # your SS# will do

    Best

    Ron


  5. #5
    Join Date
    Mar 2007
    Location
    Chicago, IL
    Posts
    2,797

    Default Re: federal tax ID #

    If you're operating as an LLC or a corporation you were assigned an EIN when the business was created, it's on the papers you received at the time and your business tax returns, and your accountant will know it.

    If you're operating as a sole proprietorship you file your returns using your Social Security number as your tax identifier.

    -------------------------------

    Interestingly no one - including management companies and homeowners associations - has ever asked for either, or AFAIK filed a 1099 even when my fee exceeds the threshold.

    My home inspection business is never been audited (though my previous businesses have been) presumably that would be the only time that the IRS would be attempting to match up 1099s with reported income - though it would probably trigger an audit if reported gross income was less than the total reported on 1099s for a given SS or EIN, though that's wildly improbablein our business.

    Michael Thomas
    Paragon Property Services Inc., Chicago IL
    http://paragoninspects.com

  6. #6
    Join Date
    Mar 2007
    Location
    Philadelphia PA
    Posts
    3,177

    Default Re: federal tax ID #

    Quote Originally Posted by Michael Thomas View Post
    If you're operating as an LLC or a corporation you were assigned an EIN when the business was created,....
    May differ by state. I'm a single-member LLC and I was told to use my SS# as my EIN.

    Of course, the first bank I went to, to open a business account, said their system wouldn't accept my SS# as the EIN, so they couldn't take my business.
    I went to another bank down the street and told them what the first bank said, and the guy just laughed and opened an account for me.

    "There is no exception to the rule that every rule has an exception." -James Thurber, writer and cartoonist (1894-1961)
    www.ArnoldHomeInspections.com

  7. #7
    Join Date
    Mar 2007
    Location
    Spring Hill (Nashville), TN
    Posts
    5,847

    Default Re: federal tax ID #

    I had 11 1099's this year for my business. A few from the various relo and draw inspection companies I do work with and the rest from insurance and a law firms.

    Scott Patterson, ACI
    Spring Hill, TN
    www.traceinspections.com

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