Motor Fuels Tax Minute, Episode 29: Federal Employer Identification Number

In this week’s episode of Motor Fuels Tax Minute, our hosts are going back to the basics to discuss the federal employer identification number (FEIN).

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Detailed Description of Weaver’s Motor Fuels Tax Minute, Episode 29

00:00:00

Emilda: Welcome to Weaver’s Motor Fuels Tax Minute, where we talk all things motor fuel. This week, Kelly will talk a little bit about the FEIN reporting requirements as we head back to the basics. I hope that this will provide some insight.

00:00:20

Kelly: We’re going to start off talking today about FEIN’s. As most of you know, an FEIN is a federal tax identification number. Some people will call it an EIN, and it’s the same thing. It is essentially a nine-digit number that is used by the IRS to identify a business entity. If you are doing any activity that you’re responsible to report to a jurisdiction, then you need an FEIN to report that activity, regardless of your corporate tax reporting and internal structure.

A lot of times you see companies try to roll up some of that activity into the company that is licensed and has an FEIN. Unfortunately, that doesn’t work out for every jurisdiction. Some states will also require FEIN’s when you are reporting activity purchases from your suppliers, selling to customers and carrier information. Even though this information is public, the IRS doesn’t provide a public database where you can look this up. So it can sometimes get difficult to track this information down, especially close to the holidays where we know everyone’s taking off and you’re trying to get a hold of someone. Something to keep in mind as we continue with our compliance reporting.

00:01:26

Leanne: Thanks for that information, Kelly. A lot of good info there for our viewers.

That was this week’s Motor Fuel Tax Minute. Join us next time.