Verifying Corporate Tax ID Numbers

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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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