All You Need to Know About the IRS Letter 147c

9 of September, 2022

If you are a business operating in the US, then it is essential to have an Employee Identification Number (EIN). This serves as your business’s federal tax ID and is to your business what your social security number is to you. With how important your EIN is, it is important to be able to retrieve it should it ever get lost. This is where the IRS Letter 147c comes in.

What is a 147c Letter?

Also known as an EIN “Verification” Letter, the 147c letter is a document sent by the Internal Revenue Service (IRS) to a company to verify the company’s EIN. This should not be mistaken with the CP 575 which is the EIN Confirmation Letter sent by the IRS on the creation of a company’s EIN.

Why would I Need a 147c Letter?

You would need a 147 letter because your EIN is important, and simply knowing the number is not enough. If you require the EIN, you are required to present an EIN confirmation document. This would typically be your CP 575.

The only problem here is that the IRS only provides the CP 575 just once. In the event that your CP 575 gets misplaced, you do not get a copy. Should you find yourself in a situation like this, requesting a 147 Letter is one of the best alternatives. 

When do I Need to Request the IRS Letter 147c?

You would be needing your EIN on different occasions. In the absence of your CP 575, you would need to request a 147c Letter. Here are some situations where you might need to request this document:

Banking and Finance

Your EIN is needed to open a new business bank account, apply for corporate credit cards, and to apply for business loans. And as stated earlier, simply providing the number is not enough. If you cannot find your CP 575, then you need to request a 147c letter since all US banks and lenders accept 147 letters as a replacement for your CP 575.

Filing Tax Forms

Since your EIN serves as your business’s federal tax ID, it would be needed when filing tax forms. Luckily, your CP 575 isn’t needed here; just the number is. So even if your EIN is misplaced, you can still file your tax forms without requesting a 147c letter. 

You would only need to request an EIN verification letter in this case if you have forgotten your EIN and can’t find previous copies of your tax returns since they contain your EIN.

Partnering with Other Businesses

More often than not, you would need your EIN when entering into a business partnership since your would-be partners would most likely want official proof of your EIN. Simply providing the number wouldn’t cut it. If you have misplaced your CP 575, you would need a 147c letter here.

Other times you might need to request a 147c letter include when applying for:

• Business licenses.
• Business permits.
• Medicare program.

How do I Request a 147c Letter?

To request a 147c letter, contact the IRS Business Specialty Tax line at 1-800-829-4933 and follow the steps. The line is open from 7:00 a.m. to 7:00.p.m. in the taxpayer’s local time, Monday through Friday.

Bare in mind that you would be required to answer some security questions in the process of getting your 147c letter. Once you answer these questions correctly and the process is completed, you would receive your 147c letter by fax or mail in the next 4-6 weeks.