TIN Required

Question: We had our first Native American open an account and tell us that they do not have a tax ID number because they are exempt. It was my understanding that they would still have a tax ID number but that we would code the account as being exempt. Will you please clarify this for me?

Answer: And thanks to the subscriber who asked the question for coming back to us with the answer! "I had asked you previously about whether or not a Native American was exempt from having a TIN. . We ended up calling the tribe directly and they said there was no reason he couldn't have one. So now we know he needs one!"

Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 5, 6/05