The Internal Revenue Service issues Form CP 575 to confirm an Employer Identification Number that has been issued for a new business. Form CP 575 letters are sent directly to employers from the IRS and generally are not reissued. If you have misplaced this letter, there are other ways to confirm an EIN depending on why the information is required.
TL;DR (Too Long; Didn't Read)
The IRS generates form CP 575 to confirm your Employer Identification Number, a key feature of your annual tax return.
When is the CP 575 Form Sent?
Employers apply for an EIN shortly after registering as a business entity. Entities such as corporations or limited liability companies are registered at the state level with the secretary of state. Once the entity is approved at the state level, the business can go online or call the IRS to complete Form SS-4 Application for Employer Identification Number. The EIN becomes the company's official tax identification number. The process is quick and phone applications usually give businesses representatives the EIN right away. Approximately two weeks after approval, the Form CP 575 is sent as the official notice of the new EIN assignment.
Why Do You Need It?
An EIN is required when a company opens a business bank account or applies for a business loan, credit card or payroll processing. Usually, you'll just write the EIN on the relevant documents, and you can look at old records or current financial accounts to find the EIN. The EIN also appears on previously filed tax returns. Sometimes, though, a bank, insurance company or other body will need to verify your EIN on an official IRS notice. That's where the CP 575 comes in.
What Happens if You Lose CP 575?
As long as a registered officer or approved agent of the company calls, the IRS provides immediate confirmation of the EIN. Save time by calling the Business & Specialty Tax Line directly at 800-829-4933 between the business hours of 7 a.m. and 7 p.m. Monday through Friday. Authorized agents that can verify the information on file to obtain the EIN include the sole proprietor, corporate officer, entity partner or trustee. If an accountant or other representative is not authorized, the business can complete IRS Form 2848 Power of Attorney and Declaration of Representative to give authorization.
How Do You Get a Replacement Letter?
The CP 575 is required when a business completes the application for Medicare Form HCFA 885 to become a Medicare provider. The EIN verification form is also required for new financial accounts and may be required for partnerships or buyouts. Generally, the IRS doesn't replace the original CP 575. Instead, it issues a confirmation notice called a 147C letter, which serves the same purpose as Form CP 575. Request replacement letters by calling the Business & Specialty Tax Line and verifying registration and caller information. It takes up to two weeks to receive the replacement notice.
With more than 15 years of professional writing experience, Kimberlee finds it fun to take technical mumbo-jumbo and make it fun! Her first career was in financial services and insurance.