Are you asking yourself if you need to close your EIN number? You’ve come to the right place for answers. In this article, you’ll learn about the steps you need to take to close your EIN number and the associated business account.

Do I Need to Close My EIN Number?

The answer is yes. To cancel your EIN and close your IRS business account, you need to send a letter that includes the complete legal name of the business and the EIN number. The letter should be mailed to the IRS office in Cincinnati, OH. The EIN number cannot be cancelled, however, the associated business account can be closed. This process of cancelling an EIN with the IRS is called “closing a business account”. Note that once your EIN is closed, it cannot be reactivated. If you need to use the EIN number in the future, you will need to apply for a new EIN.

Steps to closing your business account

In order to close your business account and associated EIN number, you will need to follow the following steps:

  • Send a letter to the IRS office in Cincinnati, OH that includes the complete legal name of the business and the EIN number.
  • Include in the letter a request to close the business account.
  • If applicable, include the date the business stopped operating and the date of the final tax return filing.

Cancelling Your EIN Number

It is important to note that the IRS cannot cancel EIN numbers; however, the business account associated with the EIN may be closed. If the EIN is needed in the future, it will still belong to you, and you will need to apply for a new one. You cannot cancel your EIN, however, you can close your account with the IRS. The IRS says it cannot cancel your EIN if you close your business. However, it can close the associated business account.

Tips for Cancelling Your EIN Number

  • Make sure to include the complete legal name of the business and the EIN number in the letter. This will ensure that the IRS can easily identify the business and the associated account.
  • Include the date the business stopped operating and the date of the final tax return filing. This will help the IRS process your request.
  • Keep a copy of the letter. This will be useful for future reference.

If you formed an EIN for your business and later realized that you no longer need it, you can close the business account associated with the EIN by sending a letter to the IRS. Follow these steps and tips to ensure that your request is processed quickly and accurately. If you need more information or help with the process, visit Atlantabusinesses.com, a great resource for answers to all your questions about selling a business and about business brokers.

Should I terminate my EIN if I shut down my business?

Once you have fulfilled all of your tax obligations, you can submit a request to have the IRS close the EIN account associated with your business. This will end any further taxation obligations, however the EIN will remain connected to your business and cannot be transferred to another entity.

What is the process for shutting down my business with an EIN?

You need to send us a letter in order to cancel your EIN and close your IRS business account. This letter should include the full name of the business, its EIN, address, and the reason for wanting to close the account.

What are the consequences of not using my EIN number?

No matter what, an EIN is fixed and cannot be changed by the IRS. Even if the business account related to the EIN is shut down, the number remains the same and can still be used if needed in the future.

Do I have to inform the Internal Revenue Service if I shut down my business?

Business owners should inform the IRS that they wish to terminate their EIN and shut down their IRS business account.