Employer Identification Number (EIN)

[NotEasy]

My understanding is that an EIN belongs to the taxpayer, not the business.

Therefore, if a taxpayer closes his current business and starts a new business, he will use the same EIN. Is it correct?

If that is the case, does the taxpayer have to update his EIN record with the IRS when he starts the new business?

[MDEA]

Ein

If the client was a sole prop he can reuse ein.If corporation must obtain a new one for new corpoation.

[taxmandan]

You are correct regarding Sole-proprietors, but not LLC or Corps. There is no notification to the IRS about the change in business activity, except for the new business' Sch. C listing a different Business Code.