In order to remain compliant with laws and regulations surrounding money movement, users are required to provide Tax ID. You will be required to provide this info, i.e. Tax ID and it’s type, either EIN or SSN, before setting up your first bank account on Circulus.
Which tax ID should you provide, EIN or SSN?
Please use the guidelines below to determine which tax ID number to provide among EIN (Employer Identification Number), SSN (Social Security Number) and ITIN (Individual Taxpayer Identification Number ).
You will need to select the tax ID type according to the tax ID info itself.
Business Entities with an EIN
If you operate through a business entity such as a corporation or partnership you will need to provide your company EIN as your Tax ID.
Sole Proprietors with an EIN
If you operate as a sole proprietor using an EIN you will need to provide your company EIN as your Tax ID. Do not provide a business name or a DBA name (“Doing Business As” ) with your EIN.
Individual Sellers and Sole Proprietors without an EIN
If you are an individual seller or sole proprietor and operate under your SSN or ITIN you will need to provide your SSN or ITIN as your Tax ID. Please note that the company name should be your name in this case. Do not provide a business name or DBA name with your SSN or ITIN.
In case you’re an individual seller or a sole proprietor without EIN / SSN you should obtain it from the IRS.
ITIN is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain, a Social Security number (SSN) from the Social Security Administration (SSA).