Delete a Tax Agency and its Corresponding Subsidiary

1. Create a dummy tax agency in Lists > Relationships > Vendors > New. Make sure to set Category to Tax Agency.
2. Go to Setup >Accounting >Tax codes. Edit each tax code then assign it to the dummy tax agency
3. Delete Subsidiary - make sure there are no other child record (including transactions) for the subsidiary
4. Create the correct subsidiary
5. Create the correct tax agency
6. Assign the correct tax agency to the appropriate tax code

Note: Take note that it is best to do this first in a Sandbox Account. Also, this solution is recommended to those subsidiaries without any transactions/records or was created by mistake.