Federal Tax

Update EIN Info

If you have an Employer Identification Number (EIN), you may hear from the IRS soon. Calling this a “key security issue,” the IRS announced that it will contact about 100,000 taxpayers with EINs, if certain information on file appears outdated. An EIN is a unique nine-digit number the IRS issues to taxpayers that must file business and other tax returns. By using one, the taxpayer’s Social Security number isn’t exposed. EIN applicants must provide the IRS with contact information for a “responsible party” who controls and disperses the agency’s funds and assets. When this contact information changes, taxpayers must update the IRS within 60 days. Here’s more. For questions, contact Cg. © 2021