Have an EIN? Action May Be Required

by Rocco Romano 19. March 2012 12:15
    The IRS is proposing that taxpayers that have an employer identification number (EIN) will be required to update their information with the IRS. At issue is that EINs - which are issued to employers, sole proprietors, corporations, partnerships, nonprofit associations, trusts, estates, government agencies, certain individuals, and other business entities for tax filing and reporting purposes – are commonly issued to representatives acting on behalf of an applicant.  However, that representative may subsequently lose its authorization to represent them. To address this, a proposed revision to Form SS-4 (Application for Employer Identification Number) would require the disclosure of the applicant’s “responsible party” and that person’s SSN, individual taxpayer identification number, or EIN. Note – it is proposed that this change would apply retroactively to all persons possessing an EIN, as well as to new applicants. To read more see the Federal Register, Volume 77, No. 50.    
Categories: Tax