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Question
Dear Mike

http://en.wikipedia.org/wiki/Social_Security_number

1. Is SSN reference a must while filing Income Tax returns by Business Houses and Individuals ?

2. Is SSN reference a must in all Banks Transactions i.e. Credit, Debit. viz Depositing and Withdrawal money ?

3. Social Security Number has to be renewed every 5,10,15 years ?

4. Can SSN be used as a alternative to ATM Card, Credit Card, Bank Debit Card ?

5. Why SSN Number was not selected as a 9 Digit Alphanumeric number but selected as a 9 Digit Numeric ?

Awaiting your reply,

Thanks & Regards,
Prashant S Akerkar

Answer
Answers to your questions in order:

1. In the US all individuals filing tax returns must reference their SS number, business entities an FEIN (Federal Employer Identification Number), or a TIN which is generally used by foreign nationals or foreign corporations filing tax forms in the US.

2. Yes

3. It is give out once and stays with the individual for life and does not have to be renewed unless the card gets lost or damaged.

4. Not practiced - it is mostly used as a form of individual identification along with government issued id such as a passport

5 It was created before the age of computers and was most likely a simpler cataloging technique - but I am not sure on this one.


Why are you making this inquiry and how does this relate to someone in India?

Financing -- Loans

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Michael Pechony

Expertise

Commercial loans through Banks, Fannie Mae, Freddie Mac, USDA, SBA, HUD, Life Companies, CMBS, Private Lenders, Specialty Lenders. I would be glad to answer questions about acquisition or refinance of a business, equipment financing, obtaining a line of credit, bridge and permanent financing for investment property such as multifamily, mixed use, owner occupied, student housing, hospitality, NNN, and retail

Experience

Principal at Anchor and Anvil, a boutique commercial financing firm. Previously: Senior Vice President of American Street Capital - commercial real estate financing firm. Managing Partner at Investment Street Capital - business financing firm.

Organizations
AUCCI

Education/Credentials
Northeastern Illinois University

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