IRS Proposes Requiring EIN Holders to Update Their Information Periodically

The Internal Revenue Service has proposed new rules that would require taxpayers who obtain employer identification numbers to keep their information up-to-date with the IRS.  Currently, many EINs are issued to nominees whose authority to represent the applicant expires sometime after the EIN is issued.  Under the proposed rules, the EIN applicant would be required to disclose the name of a "responsible party" and to periodically update information with IRS.  See JournalofAccountancy.

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