On May 3, 2013, the IRS issued final regulations that will require all persons (including trusts and estates) with employer identification numbers (“EIN”) to provide updated information to the IRS in a prescribed manner beginning in 2014. The IRS has concluded that current, accurate information about taxpayers and their responsible parties (e.g., their fiduciaries) is necessary to prevent delays in resolving tax matters. The IRS will publish a new form for EIN applicants to use in connection with the disclosure of current, updated information, and they have indicated that the form will require minimal time to complete. Upon further inquiry, the IRS noted taxpayers will be expected to self-report by using the new EIN form. Taxpayers with outdated or inaccurate information in their original EIN applications will be required to submit corrected information within approximately the first 60 days of 2014. We will provide you with more information on this EIN form when it is available. If you have questions regarding the application process for employer identification numbers or the use of such EINs, please contact Lisa Roberts-Mamone at lrobertsmamone@bakerlaw.com or 216-861-7710.
