What Is the Purpose of Filing IRS Form 147c?

The Internal Revenue Service (IRS) Form 147c is not a form that taxpayers have to file. Rather, it is a form or letter the IRS supplies to taxpayers upon request. Form 147c confirms a business owner’s taxpayer identification number (TIN) or employer identification number (EIN) with the business name.

Form 147c provides business owners with the information they need to correct errors regarding mismatches between business names and the corresponding EIN or TIN. When businesses set up multiple corporate entities or TINs, banking information sometimes goes under reported. When total receipts on 199 forms received by those companies do not match the company’s own reported figures, the IRS can withhold 28 percent of credit card revenue.

Errors corrected by use of Form 147c are sometimes very small. A difference as small as an added or omitted period or comma or a slight misspelling can cause a mismatch between the records of the IRS and those of a company’s credit card processing company. Using Form 147c to match the TIN with the company name and TIN used by the credit card processing company lets business owners correct any errors.

The IRS does not provide access to Form 147c information online for security purposes. Instead, business owners must call the IRS and request that the form be sent to them.