What Happens if I Put the Wrong Last Name on My Tax Return?

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What happens if I put the wrong last name on my tax return?
The IRS matches the first 4 letters of your last name with your Social Security Number, if that is incorrect then your return will reject and you can fix your name. If you misspelled your first name or the end of your last name and your return is accepted by the IRS, then it is too late to correct it now.
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Tax preparation can be challenging, so it’s crucial that you complete it correctly. The erroneous last name being entered on the tax return form is a regular error people make. If you just got married or divorced, made a typing error when filling out the form, or any other reason, this could occur. What happens then if your last name is spelled incorrectly on your tax return?

It’s crucial to remember that the IRS compares the data on your tax return with the records maintained by the Social Security Administration. If there is a disparity between the two, it can cause your return to be rejected or for your refund to be delayed. You should file an updated return as soon as you can if you discover an error on your tax return and want to fix it.

Let’s respond to some similar queries now: How many EIN numbers are permitted?

You are permitted to have more than one EIN, but each one must be assigned to a different company entity. You will need to file for a new EIN for each of your LLCs, for instance, if you have two different LLCs.

Do I Need a Separate Bank Account for Each DBA as a result?

It is not necessary to have a different bank account for each business name if you operate under a “doing business as” (DBA) name. For accounting and tax considerations, it is advised to keep your personal finances and corporate finances separate.

Is My EIN and SSN Connected?

Yes, for tax purposes your EIN is connected to your Social Security Number (SSN). This is so that the IRS can recognize you as a taxpayer using your SSN.

Does Every LLC Have a Unique EIN in This Case?

Yes, each LLC needs to have a unique EIN. This is so that an LLC can have its own tax identification number since it is regarded as a separate legal entity from its owners. You will need to file for a different EIN for each of your LLCs if you have more than one.

In conclusion, it’s crucial to take your time and make sure your tax return is filed appropriately. If you do make a mistake, it’s critical to fix it right away to prevent any delays or complications with your return’s processing. To make sure you are in accordance with IRS standards, it’s also crucial to comprehend the needs for EIN numbers and bank accounts for your company.

FAQ
How do I update my EIN information?

You can either call the IRS Business and Specialty Tax Line at 1-800-829-4933 and update your information over the phone, or you can fill out Form SS-4 and send or fax it to the IRS with the updated information. If you already got an EIN electronically, you can also update it online on the IRS website. To prevent any potential problems with your tax returns, it’s critical to maintain the accuracy of your EIN information.