File an Amended Designation of Exemption?

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Question:

We have an existing sole proprietor (dba) with a new business TIN who is designated as an exempt entity under their Social Security Number and their next biennial filing is due in 2009. Do we need to file an amended designation?

Answer:

I'd recommend you leave well enough alone. The IRS prefers to deal with sole proprietors under their Social Security numbers.

First published on BankersOnline.com 6/11/07