Taxpayers will be expectedto do some self-reporting to the IRS in 2014. Recently, the IRS is requiringeveryone with an employer identification number to supply certain updatedinformation. This regulation will become effective in 2014. The updated employer identification number is expected to help avoid tax delays and solve tax issues. The IRS will issue a newemployer identification number form with a deadline attached. Folks with outdated information willhave a 60 day time frame to make corrections after the regulation is put intoeffect.
See Lisa Roberts- Mamone, Required Updates for Entity- Assigned EINs, Wealth Planning Examiner, Jun. 5, 2013.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
