How to Change Your EIN Information: A Step-by-Step Guide

Almost every business owner knows that obtaining an EIN (Employer Identification Number) is mandatory for any organization that wants to pay taxes, open a business bank account, hire employees, and so on. However, it is equally important to keep your EIN information up-to-date. Some of the scenarios where businesses might need to change their EIN information include changing the business address, changing the legal name, or changing the business structure. Luckily, changing your EIN information is a straightforward process that can be done online. In this article, we’ll go through the steps required and the information needed to change your EIN information.

Step 1: Collect Relevant Information

Before beginning the EIN information change process, you need to gather some relevant information. This information includes the current EIN, the business name, the responsible party’s name and social security number, the new or changed business address, and any new business contact numbers if applicable.

Step 2: Navigate to the IRS Website

Go to www.irs.gov and click on the “Businesses” Tab, then click “Employer Identification Number (EIN)”. Scroll down until you reach the “How to Apply” section and select the “Click Here to Apply Online Now” link.

Step 3: Choose the Correct Option

On the EIN application page, select “I need to change my existing EIN.” You will then see a page titled “Why are you changing the responsible party?” Here, you need to select the option that best describes your situation. For instance, if you are changing your legal name, select “a change in the legal name of the entity.”

Step 4: Enter Required Information

Enter the requested information and agree to the terms. You need to provide the following:

• The current EIN you want to change
• The legal name of your entity or organization
• The new responsible party’s personal information, including the name and social security number
• The new business address and contact information updates if needed
• The reason for your request. Provide a brief explanation of why you are changing your EIN information.

Step 5: Review Information Submitted and Submit

Review all the information you entered and confirm that it’s correct. If everything is accurate, submit your request. You’ll receive a confirmation notice and an update within 4 to 6 weeks. You’ll also receive a new EIN confirmation letter detailing the changes.

Conclusion

In summary, changing your EIN information is a simple process that you can do online from the comfort of your home or office. Collect all the essential information first, navigate to the IRS website, select the option to change your existing EIN, enter and review the required information, and then submit your request. Be sure to provide accurate information to avoid any hold-ups in the process.

In conclusion, as a business owner, it is crucial to ensure that your EIN information is up-to-date. Changes like a business move or a name change can affect your tax reporting and other business activities. Hence, it’s always advisable to update your EIN information as soon as these changes occur. Follow the above steps carefully, and you’ll have your updated EIN information in no time!