Why Your TIN May Be Considered as Incorrect

If you are a non-individual, such as a corporation, LLC, partnership, trust or similar entity, your TIN will usually be your Employer Identification Number (EIN). Often a non-individual taxpayer EIN does not match IRS records because you have provided IBKR with a “Doing Business As” name rather than the “Legal Name”. Similarly, the EIN will not match if it is not the number of the actual owner of the account (e.g. you have provided IBKR with the SSN of a partner rather than the EIN of the partnership).

What You Need to Do

You will need to compare the name and EIN per your records (e.g. recent business tax return) with the name and TIN on your IBKR account. Information regarding your IBKR account including a form for updating your information will be made available upon log in to Client Portal. This comparison will require that you take one of the four actions outlined below. If you have any questions regarding your name and/or TIN as recognized by the IRS, please call the IRS Business and Specialty Tax Line at 1-800-829-4933 for assistance.

1. If the name and EIN on your account agree with the name and EIN per your records – Write the Internal Revenue Service Center where you file your income tax return and ask the IRS to send you a Letter 147C. This letter will confirm the name/TIN combination the IRS has on file for you. Once you are in receipt of this letter provide a photocopy to IBKR along with proof of identity and proof of address.

2. If the EIN on your account is different from the EIN through which you submit your business tax returns, but the name is the same - Update your EIN through the form made available upon log in to Client Portal. You do not need to contact the IRS.

3. If the name on your account is different from that through which you submit your business tax returns, but the EIN is the same on both

    a. If the name on your account is correct, contact the IRS to correct the name. Request that the IRS to send you a Letter 147C and once you are in receipt of this letter provide a photocopy to IBKR along with proof of identity and proof of address;

    b. If the name per the IRS records is correct, update your personal information through Client Portal. Provide photocopies of supporting documentation (proof of identity and proof of address). You do not need to contact the IRS.

4. If both the name and EIN on your account are different from the name and EIN through which you submit your business tax returns

    a. If the name and EIN per the IRS records is correct, update your personal information through Client Portal. Provide photocopies of supporting documentation (proof of identity and proof of address). You do not need to contact the IRS;

    b. If the name and TIN on your account is correct, contact the IRS to correct the name. Request that the IRS to send you a Letter 147C and once you are in receipt of this letter provide a photocopy to IBKR along with proof of identity and proof of address.