What Happens If I Apply For The Wrong Entity?

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So you decided to launch a new company. There is a lot of legal legwork that goes into starting a new business, and anyone who has done it before can tell you that it takes a lot of patience and paperwork.

That is why IRS EIN is on your side. We are the only online company where you can get an EIN online from the comfort and convenience of your own home. You can also easily check the status of your EIN at any time, and your employer identification number will typically be available on the same day that you apply.

What is an EIN?

Standing for Employer Identification Number, and also referred to as a Federal Tax Identification Number, an EIN is a set of nine unique numbers assigned to your company by the Internal Revenue Services (IRS) which identifies your business as a tax paying entity within the United States of America. You will need an EIN to conduct many tax related activities as well as for various reasons set forth by the IRS.

How to Fix the Entity for My EIN

Sometimes you may make a mistake when applying for your EIN. The initial thing that you will want to do is to contact the IRS immediately. While they do not currently have any forms in place to change previously filed information associated with the business entity, you can contact the IRS by providing your business’s name, your social security number, your EIN, your business mailing address, and the information on the EIN that needs to be corrected.

If, on the other hand, your mistake extends to your tax return or other tax-related paperwork you filed, you will need to take more deliberate steps.

First, gather all of the paperwork you will need to correct your mistake. This includes any records or papers you used to fill out and file your original tax return, as well as new ones you have come across subsequently. Then, find the tax form you used to file the mistaken paperwork and print it out. In addition, you will need to do the same for tax form 1040-X, which is for filing an amended U.S. income tax return.

Fill out only the part of the original tax form you used that includes the error. It is not necessary to refile the entire return. In addition, fill out form 1040-X and include any requisite paperwork or new records to substantiate your correction. Make sure to include a clearly written explanation of the mistake you believe you made and the correction you are sending along.

If the mistake means you will have more money coming back to you, then be sure to include your email address and other contact information so you will receive it in a timely manner. If, on the other hand, the error means you owe money, make sure to include payment along with your new filing. Otherwise, you could be charged interest and suffer financial penalties for the lack of payment.

Ultimately, remember that it is almost never too late to correct your mistake. Just own up to it, take the initiative and make the correction so you can sleep well at night.

If you have any further questions regarding your EIN, IRS EIN will be more than happy to help.

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