Step-by-Step Guide: How to Change EIN Information for Your Business

Step-by-Step Guide: How to Change EIN Information for Your Business

If you are a business owner, you may know how important it is to keep the information regarding your Employer Identification Number (EIN) up-to-date. EIN is a unique identification number assigned by the Internal Revenue Service (IRS) to businesses operating in the United States. Changing your EIN information may include updating your business name, business address, or entity type. In this article, we’ll take you through each step to change your EIN information in the most hassle-free and convenient way.

Why is it important to update EIN information?

Updating your EIN information is crucial as it helps you avoid any legal or financial problems. If your business changes its location or ownership, you must inform the IRS about it. A change in your entity type can also impact the taxation of your business. Therefore, it is necessary to keep your EIN information current to ensure accurate reporting and compliance.

Step-by-Step Guide to Change EIN Information

Step 1: Obtain Form SS-4

Form SS-4 is used to apply for an EIN for your business, and it can also be used to make changes to your existing EIN. You can obtain Form SS-4 from the IRS website or by calling the IRS at 1-800-829-3676. Once you have the form, carefully fill in all the required fields in Section 1.

Step 2: Indicate the type of changes you want to make

In Section 9a of Form SS-4, indicate the type of changes you want to make, such as the new legal name or business address. If you are making multiple changes, you need to indicate them all in Section 9a.

Step 3: Provide supporting documents

Attach all the supporting documents related to changes to your EIN information along with Form SS-4. In case of a new name or address, you need to provide the Certificate of Name Change (Form CP-575) or proof of address change.

Step 4: Submit the form

Once you’ve filled out Form SS-4, you can submit it to the IRS online, by fax, or through the mail. If you fax your changes, the IRS typically processes the request within two weeks. If you choose to mail the form, the processing time will take up to four weeks.

What to keep in mind while changing EIN information?

While changing your EIN information, consider the following important points:

1. Your EIN is unique to your business, and it can’t be transferred to another entity even if there’s a change in ownership.

2. If you change your entity type, it can impact your taxation status. It’s best to consult a tax professional before making changes.

3. Any changes you make to your EIN information need to be communicated to all the parties that require your EIN, such as banks, suppliers, and customers.

In Conclusion

Updating your EIN information is a crucial part of managing your business. By following the above steps and keeping in mind the important points, you can easily change your EIN information without any hassle. Remember that keeping your EIN information up-to-date ensures accurate reporting and compliance with the IRS.

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