A Step-by-Step Guide on How to Update EIN Information with the IRS

When you’re running a business, there are plenty of tasks you have to keep up with, including updating your Employer Identification Number (EIN) information. If you’re not sure where to start or you’re feeling overwhelmed by the process, don’t worry – in this article, we’ll give you a step-by-step guide on how to update EIN information with the IRS.

What is an EIN?

An EIN is a unique nine-digit number issued by the IRS to businesses operating in the United States. It’s essentially like a Social Security number for your business – it’s used to identify your company on official documents, tax returns, and other forms. You’ll need an EIN if you have employees, file tax returns for your business, or do any of the following:

– Open a business bank account
– Apply for business licenses or permits
– Apply for business loans
– Hire subcontractors or independent contractors

Why Might You Need to Update EIN Information?

There are several reasons why you might need to update your EIN information, including:

– Change in business ownership or structure
– Change in business name or address
– Change in responsible party (the person in charge of the business’s tax and financial information)
– Incorrect information on previous filings

It’s important to keep your EIN information up-to-date to avoid any issues with the IRS or other government agencies.

Steps to Update EIN Information with the IRS

Step 1: Gather Your Information

Before you begin the process of updating your EIN information, make sure you have all the relevant documents and information on hand. You’ll need:

– Your current EIN
– Your business name and legal structure
– Your business address and phone number
– The name and Taxpayer Identification Number (TIN) of the responsible party
– Documentation supporting the changes you want to make (such as a new business license or certificate of ownership)

Step 2: Complete the SS-4 Form

The SS-4 form is the IRS form used to apply for or update an EIN. You can find the SS-4 form on the IRS website and fill it out online or on paper. Make sure to answer all the questions correctly and completely, and sign and date the form when you’re finished. If you’ve made any changes to your business name or legal structure, you’ll need to provide documentation to support those changes.

Step 3: Submit the SS-4 Form

Once you’ve completed the SS-4 form, you can submit it to the IRS by fax, mail, or online. The processing time can vary, but you can usually expect to receive confirmation of your updated EIN information within a few weeks. Make sure to keep a copy of the SS-4 form and any supporting documentation for your records.

Conclusion

Updating your EIN information might feel like a daunting task, but as long as you have all the necessary information and follow the steps outlined above, it should be a smooth and straightforward process. Keeping your EIN information up-to-date is important to ensure that your business stays in compliance with IRS regulations and other government requirements, and it can also help you avoid any potential issues down the line. By following this step-by-step guide, you’ll be able to update your EIN information with the IRS in no time.