IRS Final Rules Outline Process For Employer Identification Number Updates

The Internal Revenue Service unveiled final regulations May 3 to tackle tax abuses and require any taxpayer assigned an employer identification number (EIN) to provide updated information to the agency on who is actually responsible for the entity holding the EIN.

T.D. 9617 will enhance IRS’s ability to maintain accurate information on taxpayers assigned EINs, which are also known as federal tax identification numbers, and are used to identify a business entity, IRS said.

Obtaining updated information will prevent unnecessary delays when IRS attempts to contact the correct persons when resolving a tax matter related to a business with an ...