Q: How do I correct member information with my EIN and S-corp filings?
Thanks so much to one of our Northwest business owners for this question! We’re often asked by our LLC customers what to do when LLC member information changes—and contacting the IRS can be an important part of that process. Here’s what you need to know:
How do I change my EIN information with the IRS?
To change the name of the person associated with your business’s EIN filing, you’ll have to file Form 8822-B, Change of Address or Responsible Party. If the the person listed on your EIN application—known as the “responsible party”—is someone who’s no longer affiliated with your company, or if you’d rather be listed as the “responsible party” yourself, make sure to fill-out:
- Line #8: New responsible party’s name
- Line #9: New responsible party’s SSN, ITIN, or EIN
Do I have to update my IRS tax election status if my LLC member information changes?
Not necessarily. However, you would need to update the IRS if you change tax status, however. For example, if you add a new LLC member to a single-member LLC (SMLLC), you would be creating a multi-member LLC. This would change your tax status from the default “disregarded entity” to “partnership.” If this is the case for your business, you’ll need to file Form 8832, Entity Classification Election.
Do I have to update the LLC member information I provided when I applied for S-corp status?
It’s a good idea to keep your business information up-to-date with the IRS. However, you don’t have to submit a special form to update the LLC member information included in your initial S-corp election application (Form 2553). You can update your LLC member information when you file your tax return. Or, if tax season is still months away, you can contact the IRS directly to update your account:
By phone: 800-829-4933
In person: Taxpayer Assistance Center Office Locator
If you still have questions about your particular business, it’s a good idea to consult with a business attorney or CPA.