Look up tax ID number is a verb phrase describing the act of searching for a unique identification number assigned to businesses and individuals for tax purposes. For example, a non-profit organization may look up its tax ID number to file its annual return.
Tax ID numbers are crucial for tax administration, enabling accurate tracking and efficient processing of tax returns. They facilitate compliance, reduce errors, and prevent fraud. The introduction of the Taxpayer Identification Number (TIN) in 1961 marked a pivotal moment in tax history, standardizing the use of unique identifiers for tax purposes.
