Employer Identification Numbers – Change in responsible party must be reported

Employer Identification Numbers – Change in responsible party must be reported to IRS

(Source: Snell & Wilmer) –  When filing for an Employer Identification Number (EIN), which is required for purposes of tax administration, the applicant must disclose the name and taxpayer identification number (e.g., Social Security Number, Individual Tax Identification Number, or EIN) of the principal officer, general partner, grantor, owner, or trustor of the entity. This individual or entity is termed the “responsible party.” If an entity has more than one responsible party, the entity may designate a responsible party from among such persons.

Beginning January 1, 2014, every entity is required to report any change in the identity of its responsible party on Form 8822-B, Change of Address or Responsible Party—Business, within 60 days of the change. If the change occurred prior to January 1, 2014, however, the entity has until March 1, 2014 to file Form 8822-B. Read article