Business and Investments

What Happens Somebody Applies for the Wrong Entity?

Mistakes happen in life, whether you leave your keys in the wrong place or are late picking up dinner. Like some personal mistakes, you can easily change your application if you have applied for the wrong entity. When you are trying to apply for an EIN, but you make a mistake, you can easily have this corrected.

How to Fix if You have Applied for the Wrong EIN

If you have made a mistake in your application for an EIN, you will need to contact the IRS immediately. When you have contacted the IRS, you will want to make sure you have your Social Security Number, your business address, and your EIN to make sure it is corrected.

If the mistake goes onto tax paperwork, you will need the paperwork with the wrong information and you will have to fill out updated forms. Make sure to fill out only the part of the form that has the mistake. If the mistake you show that you will have more money coming to you, make sure to submit the proper e-mail address in a timely manner.

How to get an EIN for Your Non-Profit

There are several reasons why you will need a non profit organization Tax ID number. The IRS uses this number to identify your business as a tax paying entity within the United States. You will need this number over the life of your business, including when you are trying to hire employees or secure capitol.

As your business continues, you will want to have this number for filing your taxes each year. The application is simple, and can be completed within the same business day. You will have a response on your application and be able to use their number immediately.

When you are starting your business, be careful and avoid mistakes. However, even if you have made a mistake in your EIN application, you can have it corrected. Applying for the wrong entity does not have to derail your dreams of business ownership.

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