If Your Customer Needs an EIN

by Mary Beth Guard, BOL Guru

If a new entity seeks to open an account at your institution, the CIP rules require you to obtain an identifying number from them. There are some changes from the IRS in the procedure for obtaining an EIN.

Taxpayers who need an EIN now should use either the new business and specialty tax line, (800) 829-4933, or the new Online EIN Internet application at http://www.irs.gov. The hours for the new business and specialty tax line are Monday-Friday, 7:30 a.m. to 10 p.m. local time. The Online EIN service is available 24/7. The old EIN number will be answered until October 1, 2003, but replaced with a recorded message directing callers to the new number after that date.

The original version appeared in the July/August 2003 edition of the Oklahoma Bankers Association Compliance Informer.