Q:
What is a 147c letter?
A:
Quick Answer
A 147c letter is a form from the IRS that verifies a company's information. The letter includes the legal name, address and EIN of the business.
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The form is needed by payroll CPAs and merchant service processors to ensure they have the correct business information. When 1099k forms and other tax-related documents are sent out, if the information from the payroll CPAs and merchant service companies does not match the information the IRS has, the IRS can require the merchant service companies to withhold 28percent of the revenue coming from merchant transactions. This form helps ensure that businesses do not have multiple TINs for the purpose of hiding bank transactions.
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