Need to Update Your EIN Information? Here’s What You Need to Know

As a business owner, your Employer Identification Number (EIN) serves as a crucial identifier for tax purposes. If any changes need to be made to your EIN information, it’s necessary to go through the proper channels to ensure compliance with IRS regulations. In this article, we’ll cover the key information you need to know when seeking to update your EIN information.

Why Do You Need to Update Your EIN Information?

Your EIN acts as a unique identification number for your business for tax and other purposes. If any changes occur in your business, such as a change in ownership or a change in entity type, you’ll need to update your EIN information with the IRS. This helps ensure that your business taxes and other filings are processed accurately.

What Information Can You Update?

You can generally update the following types of information associated with your EIN:

– Business name
– Business address
– Responsible Party
– Business entity type
– Business ownership structure

How to Update Your EIN Information

To update your EIN information, you’ll need to fill out and submit form SS-4, also known as the Application for Employer Identification Number. This form can be submitted via mail, fax, or online.

Before submitting your form, ensure that all the information you provide is accurate and up-to-date. This will help avoid any potential delays or issues in processing your request.

Additionally, keep in mind that updating your EIN information may take some time. The IRS generally processes requests in the order they are received and it can take up to four weeks to receive your updated EIN information.

What Happens After You Update Your EIN Information?

After you submit your EIN information update request, the IRS will review and process it. If your request is approved, you’ll receive a new EIN confirmation notice with the updated information.

It’s important to keep this updated confirmation notice for your records and update any relevant business documents with your new information, such as your business’s tax return.

Takeaways

EIN updates are an essential part of maintaining your business’s compliance with IRS regulations. By understanding what information you need to update and the steps to take to update it, you can avoid potential issues and ensure accurate processing of your business filings. Remember to double-check all information before submitting your request and keep records of any updates for future reference.