I have a healthcare private-practice business. In December 2023, I filed Form 2553 with the IRS to change my sole-proprietorship to an S-Corp. My request was approved, and I received the approval letter from the IRS on 02/28/24, with a new EIN# assigned. I thought I was converted to the S-Corp and that I would be able to cancel the sole proprietorship, which I no longer want as a status.
As my business is a small healthcare business, I am paid by health insurance companies on a bi-weekly basis, and I receive multiple 1099-MISC from these payers for tax purposes. Here's the problem; I never updated every single health-insurance payer with the new tax ID#. Yes I know, this wasn't a good move. In fact, I shudder at the thought of how many accounts are out there that need to be updated with the new EIN# assigned for the S-Corp. It boils down to the fact that I will receive many 1099s for 2024 with my first EIN# and NOT the new EIN#.
How the heck do I handle the above?? I am so confused reading these help articles from the IRS and on tax websites.
-Will I need to file 2024 taxes as a Sole Proprietor again?
-Is there a way to link the first tax ID# with the new S-Corp tax ID#?
-Can I file 2024 taxes as an S-Corp under my social security number instead of an EIN?
-Do you suppose I could get the payers to add the new EIN# with a backdated effective date of Jan 2024?
HELP!! THANK YOU!!!
