eFund requires our users to provide their EIN number as part of federaly mandated security requirements. Below is information on why we are required to capture this information as well as how you can locate your EIN number.
What is an EIN?
An Employer Identification Number (EIN) is a unique nine-digit code issued by the IRS to businesses for tax purposes. Just like how individuals have Social Security Numbers (SSNs) for tax purposes, businesses and organizations use EINs to report their financial activities to the IRS.
What is an EIN used for?
EINs are used for various tax-related documents, such as filing tax returns, opening business bank accounts, and applying for business licenses. It serves as a unique identifier for reporting financial activities to the IRS, filing tax returns, opening bank accounts, and applying for licenses or permits.
Why do you need an EIN?
We are asking you to enter this information because our back-end processor has instituted new federally mandated security enhancements, including more extensive know your customer (KYC) verification protocols. We are required to collect this information from all committees to meet the new federal regulations.
All payment processors are considered reporting entities under the Bank Secrecy Act. The US Treasury Department’s Financial Crimes Enforcement Network(FinCEN) (https://www.fincen.gov/resources/statutes-and-regulations/cdd-final-rule)requires that these entities collect and keep a record of the beneficial ownership information for all merchants and to ensure the accuracy of the information.
To complete this requirement, we need to collect the committee’s legal name and address, employee identification number (EIN), the name, date of birth and social security number of the committee’s responsible party (which must match the name on the federal EIN application). Users will also need to upload a federal EIN verification letter from the Internal Revenue Service (IRS). This process should be quick, straightforward, and simple.
Changing EIN Address, Treasurer or Responsible Party for a Committee.
To meet federal guidelines, know your customer (KYC) verification regulations, we require current Employee Identification Number (EIN) documentation for all eFundraising Connections accounts. To change the treasurer or responsible party, the Internal Revenue Service (IRS) requires an updated Form 8822-B. https://www.irs.gov/pub/irs-pdf/f8822b.pdf
If the committee is a political organization and tax-exempt, the IRS requires Form 8871. https://www.irs.gov/forms-pubs/about-form-8871
For general information and answers about EIN, please check out this IRS webpage: https://www.irs.gov/businesses/small-businesses-self-employed/online-ein-frequently-asked-questions#:~:text=Simply%20call%20(800)%20829%2D,prior%20to%20providing%20the%20number.
If you need a new EIN, the IRS allows you to quickly apply online, here: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
If you previously applied for and received an EIN but have since lost or misplaced it, you can get it from this IRS webpage: https://www.irs.gov/businesses/small-businesses-self-employed/lost-or-misplaced-your-ein