Posted by ZeeCA on 7/3/07 2:23pm
Msg #198372
If you are switching from using SSN to EIN... do you have to
change all the previous ones that have the SSN? or?
thx!
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Reply by Roger_OH on 7/3/07 2:25pm
Msg #198374
Just submit new W-9s with your EIN to all your companies.
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Reply by ZeeCA on 7/3/07 2:26pm
Msg #198377
but do you have to? or? just do it as you find them
because my computer died w/o a recent back up I do not have 100% of the info
and thx 
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Reply by Michelle/AL on 7/3/07 2:37pm
Msg #198380
Zee, I'm far from being an expert so take this input with a
grain of salt. I switched from SSN to EIN earlier this year. Based on what I read on the IRS website I simply use my EIN number for all business transactions effective when I got the EIN number. I still have income reported under my SSN. I'm not worried about updating everyone and everything because my SSN is still valid. Now, if it wasn't then I would feel the need to make sure every company I do business with has my EIN. Again, I'm not tax expert but this is my understanding. Have a great 4th of July.
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Reply by ZeeCA on 7/3/07 2:51pm
Msg #198384
thx and it is what I am assuming also n/m
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Reply by Harke - Susan on 7/4/07 9:45pm
Msg #198516
Re: Zee, I'm far from being an expert so take this input wit
If you are an independent contractor, some states require that if you are paid more than $600.00 they must report that to the State (it is true in California) within 20 days. Also, they must send you a form 1099 at the end of the year. The problem is the State of California wants a Social Security Number and do not accept EIN's. I am not sure if this is the law in any other state.
If you are concerned about ID theft, get yourself a good service where you can check your credit whenever you want. I use privacyguard.com. The cost is worth the peace of mind knowing I can stop ID theft if it happens quickly.
I am a CPA and a notary, so I am expected to know these little facts.
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Reply by kcg on 7/3/07 2:42pm
Msg #198383
All income reported with your EIN number will go into your account containing your ss number. You do not need to send the EIN number to the companies who currently have your ss number.
You may want to double check with your accountant but this is what my accountant told me.
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Reply by ZeeCA on 7/3/07 2:52pm
Msg #198385
thx! n/m
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Reply by DebbieT on 7/3/07 3:27pm
Msg #198393
Re: Thank you Zee
for asking that question. I have been wondering the samething also.
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Reply by Michelle Briggs on 7/3/07 4:40pm
Msg #198411
You do not have to switch from using your SS # to EIN. However, when you do your taxes all the self employment income whether from SS# or EIN is going to be on a 1099 and that income is going to be recorded on a schedule C. When you do your taxes make sure you use your EIN on the schedule C and your SS # on the actual 1040.
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Reply by SharonMN on 7/5/07 9:40am
Msg #198533
If you look at Form 1040, Schedule C when you file your taxes, you'll see you have to put both your SS# and your EIN (if applicable) on there - so your EIN is tied to your SS# anyway. As long as you report all your income, it doesn't matter whether the TC/SS reports it under your SS# or EIN or not at all.
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