Understanding the 147c Letter: Key Information You Should Know

A 147c letter, often referred to as an Employee Identification Number (EIN) letter, serves as a verification document for a company's EIN, issued upon request to the Internal Revenue Service (IRS). Contrary to popular belief, this letter is not for obtaining a new EIN but rather for confirming an already existing one.

The primary purpose of the 147c letter is to allow authorized individuals, such as company founders or the Startco EIN team, to validate a company's EIN with the IRS. Once obtained, this verification document is particularly useful for business dealings that require EIN proof, such as setting up a bank account. Banks commonly recognize the 147c letter as a valid form of EIN identification.

In summary, the 147c letter is an essential document for verifying an existing EIN with the IRS, often used in financial transactions that require authentication of a company's EIN.