How to Change a Business Name With the IRS

If you’re thinking about changing your business name with the IRS, there are a few things you’ll need to know first. These include how to calculate your tax liability, how to get a new EIN, and how to file for your business change.

Do your homework before changing your business name

From a naming brainstorm at a talk
Photo by Patrick Perkins on Unsplash

Do your due diligence before changing your business name. Not to be a tad trite, but the last thing you want is to end up with an unrecognized and unpaid tax bill. If you’re not a lawyer or accountant, your best bet may be to call your local IRS office and let the pros do the leg work. The most important thing to remember is that a business name change is a costly proposition, so be sure to do your homework before making the leap. A small fee will go a long way towards ensuring you get on the right foot from day one.

File for a new EIN

When you want to change your business name, it’s important to follow the IRS’s procedures. Not only will you need to get a new EIN, but you will also have to file a tax return with your new name. You will also need to update all your licenses and permits to reflect the new name.

Depending on your business structure, you may need to apply for a new EIN. If you’re not sure if you need to get a new EIN, you should consult a tax advisor.

The first thing you’ll want to do is contact the IRS. They will provide you with a form to fill out and a confirmation letter. It will take a few weeks for them to verify your business name change.

Once you’ve filled out the form, you’ll be able to receive your new EIN within four weeks. Applicants can submit it by mail or by fax.

In addition to filing your tax return with the new name, you will need to notify your vendors, suppliers, banks, and other companies that you’ve changed your name. If your company is a corporation, you’ll also need to file a Form 1065 to detail your business name change.

Calculate your tax liability

If you are changing the name of your business, you may need to calculate your tax liability. Before you make the change, you should contact the IRS to find out if you need to complete a new Form W-2 or a Form 1040. This may also include a change to your EIN. These changes should be made based on your business’s specific needs. The IRS will provide you with top-quality service and help you meet your tax responsibilities.

tax documents
Photo by Kelly Sikkema on Unsplash

You may also need to obtain a new EIN for your new business. If you have an existing EIN, you will need to update it if you are changing the name of your business.