Business

Here’s How You Can Change or Cancel an EIN

Planning to change or perhaps cancel your business EIN? Don’t worry! This article got you covered. Here, you’ll learn ways on how to change or cancel your business EIN due to unforeseen circumstances. But remember, this is not the official IRS guide, all the information you’ll read here is the basic and general. Sure, it’ll help you to overcome your current business situation about EIN.

There are specific scenarios where a business might need to change or cancel its EIN. It could be due to errors, or you made a mistake while proving essential information. But thanks to the new law, you can deactivate or change your fein for other reasons too. For you to know the other clauses, visit IRS official website for additional information.

Change Your Business EIN

If you made an accidental error on your EIN application, for example, you listed non-owner in the form, do not submit the new EIN application right away. There’s a notification or process you need to wait before making an action. For you to correct that mistake, IRS recommended that you should submit a formal letter instead, ideally on your business letterhead.

State the name and the current principal officer tax id, owner, grantor, trustor, or partner. Make sure you include the complete business name, existing EIN, and correct mailing address so IRS can identify the business IRS account.

Change Your EIN if there are Changes to Your Business

If your business transferred to another location, your business name change, or you change the type of your business, you would need to file these changes with IRS. You should state exactly how you want to make changes.

  • If the business name changes note the change in your business tax form during the filing process. IRS will explain everything and the steps on how to change the name of your business
  • If there’s a change in your current business type, like from a single proprietorship member to multiple-member, complete the Form 8832. This is the appropriate form that you need to change your business status. For example, you want the business to be declared as a corporation; all you need to do is to file a completed Form 8832.

For other changes, send a letter to IRS at one of its appropriate addresses depending on the location of your business.

Cancel Your Business EIN

When an EIN is provided to a business that EIN is not allowed to be reused by other companies, ever. It will stay forever and continues to belong to the rightful owner of the EIN for which it was used for federal tax purposes. Meaning, there’s no law saying that you can cancel your business EIN.

However, if you don’t want to continue your business anymore or you don’t need EIN anymore, cancel your business account with IRS. For you to close your business account, create a formal letter to Internal Revenue, Cincinnati, Ohio 45999. State the complete reasons why you want to close your business account. Also, include the legal name of your business, address, and EIN. If you happen to have a copy of the confirmation letter that came from the IRS when you first set up your EIN, include it in the letter.

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