Homeschool leader, Paula, was applying for an EIN (Employer Identification Number) online, but the IRS website asked for her SSN (Social Security Number). She is reluctant to give it out. Should she be concerned?
Someone (the “responsible party”) must give their Social Security Number (SSN) so that the IRS can always trace leadership of a nonprofit (or a business) to a human being.
The IRS wants the name and Social Security Number of a specific individual it can contact if needed.
Requesting a name and SSN is also meant to prevent people from setting up dummy or scam organizations.
Listen to this episode (12 minutes) to find out more.
- Does your homeschool group manage their money well?
- Do you have a budget and know where the money is spent?
- Do you know how to prevent fraud?
This 115 page book will help you to open a checking account, establish a budget, prevent mistakes and fraud, use software to keep the books, prepare a financial statement, and hire workers. Sample forms and examples of financial statements in clear English are provided.
Carol Topp, CPA