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Verifying Corporate Tax ID Numbers
by John Burnett, BOL Guru
BIO AND CONTACT INFO
Question: Can you tell me the ways of verifying a tax ID number for a corporation other than W-9 and corporate search? This is in regard to funding commercial loan to a corporation or LLC.
Answer: Some suggestions:
- Ask for copy of letter from IRS issuing the EIN or any other IRS correspondence that includes the EIN
- Look at a copy of a tax deposit coupon (a vanishing breed now that more deposits are electronic)
- Ask to see the front page of the most recent tax return
- If unable to verify the number in any of these ways, or by accessing a state corporations filing, you could require the customer to obtain a letter from the IRS confirming the number.
First published on BankersOnline.com 10/7/02
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