You must finish filling out Form SS-4 and send it to the IRS in order to update your EIN information. This form can be completed online, by mail, or by fax. You must supply your current EIN, the name and address of your company, as well as any updated information, such as a change in the company’s name, address, or responsible party.
It is significant to remember that not all modifications can be made online and that some changes could need for more supporting documentation. You must present proof of the new party’s authority to act on behalf of the firm, for instance, if you are changing the responsible party for your company.
Is it possible to have two EINs?
Typically, a company should have just one EIN. But in some cases, such as when a firm is reorganized or becomes a subsidiary of another, it may be necessary for it to obtain a second EIN. It is crucial to speak with a tax expert to ascertain whether getting a second EIN is required for your particular business circumstances.
Yes, a company may operate under more than one DBA (Doing Business As) number. This is particularly typical for companies that offer a variety of goods or services. The business must use the correct DBA name on all legal documents and tax forms, and each DBA must be registered with the appropriate state and municipal agencies.
Due to the EIN’s connection to the individual’s Social Security number for tax purposes, a sole proprietor is only permitted to have one EIN. However, if a sole proprietor owns many companies, they are all permitted to operate under the same legal organization and share the same EIN. The Advantages of an EIN Number
1. Permits the filing of separate business and personal tax returns: If you run a business, you must submit separate tax returns for your business and personal income. You can quickly distinguish and categorize your business’s income and spending for tax purposes by using an EIN.
3. Preserves personal identity: Since your Social Security number is not required to be shared, using an EIN on tax forms and company paperwork helps safeguard your personal identification.
In conclusion, maintaining the accuracy of your EIN information is essential to ensure that your company complies with IRS laws. Consult with a tax expert to be sure you are carrying out the procedure correctly if you need to change your EIN information or have queries about acquiring a second EIN.