Make Sure The IRS Thinks You Are Who You Say You Are
Put simply, TIN validation involves making sure that the IRS information on your taxpayer ID number and business entity name are the same.
What is a Taxpayer Identification Number? You may know it as an EIN or Employer Identification Number or an SSN (Social Security Number.) Most often, mismatches occur due to transcription errors or the sale of a company, at which time the IRS may not have up-to-date information versus the bank where you got your merchant services account. Most better processors and banks have automated tools designed to compare numbers and then notify account holders.
Special note: As with any information that needs to be shared with the IRS, make sure everything is neat and accurate. And double check because we all make mistakes, but someone else’s mistake can still hurt you.
September 19, 2013:
January 2013 deadline passes and people find themselves paying backup withholding and wondering why.
This year, a lot of people suddenly noticed a 28% backup withholding charge on their credit card terminals. Of course, if they had not ignored repeated letters and phone calls from their credit card processing companies, they might have had a better experience.
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