Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I am a Board of Director Member for a Company that never got…

Customer Question
Hi, My name...

Hi, My name is***** I am a Board of Director Member for a Company that never got launched. We have an existing EIN and I would like to check if this is still a valid EIN. The company lost 2 members with their passing and we decided to Incorporate in the State of Florida. Can I use the same EIN??

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

The name of the company is Independent Energy LLC located in the state of South Carolina. The EIN is###-##-####

Submitted: 5 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
11/15/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,000
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name's Lane -

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this.

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

EIN's never die (whether they are ever used or not).

...

If you need verification or proof for, say, opening a business account, you can do the following:

...

"The IRS allows authorized representatives to call and confirm or relocate a business EIN. Authorized individuals include officers of the company, sole proprietors and partners. A trust is also issued an EIN; its authorized representative is a trustee or executor of the estate.

...

The verification process for an authorized representative is simple. Call the IRS at(###) ###-#### The IRS representative will request your identifying information. The representative will then give you the EIN number over the phone."

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

If you move before filing your tax return, put the new address on your return. The IRS will update your records when they process your return.

...

If you move after filing your return, you should have the post office forward mail to your new address. Some post offices do not forward government checks, so you may also want to change your address with the IRS. You can use IRS Form 8822, Change of Address (form and instructions) to notify them of an address change.

...

Whether or not you need a NEW EIN depends on the entity type and other facts and circumstances. Bear with ma a moment and I'll pull up the regs

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

Sole Proprietors

You will be required to obtain a new EIN if any of the following statements are true.

  • You are subject to a bankruptcy proceeding.
  • You incorporate.
  • You take in partners and operate as a partnership.
  • You purchase or inherit an existing business that you operate as a sole proprietorship.

You will not be required to obtain a new EIN if any of the following statements are true.

  • You change the name of your business.
  • You change your location and/or add other locations.
  • You operate multiple businesses.

...

Corporations

You will be required to obtain a new EIN if any of the following statements are true.

  • A corporation receives a new charter from the secretary of state.
  • You are a subsidiary of a corporation using the parent's EIN or you become a subsidiary of a corporation.
  • You change to a partnership or a sole proprietorship.
  • A new corporation is created after a statutory merger.

You will not be required to obtain a new EIN if any of the following statements are true.

  • You are a division of a corporation.
  • The surviving corporation uses the existing EIN after a corporate merger.
  • A corporation declares bankruptcy.
  • The corporate name or location changes.
  • A corporation chooses to be taxed as an S corporation.
  • Reorganization of a corporation changes only the identity or place.
  • Conversion at the state level with business structure remaining unchanged.

...

Partnerships

You will be required to obtain a new EIN if any of the following statements are true.

  • You incorporate.
  • Your partnership is taken over by one of the partners and is operated as a sole proprietorship.
  • You end an old partnership and begin a new one.

You will not be required to obtain a new EIN if any of the following statements are true.

  • The partnership declares bankruptcy.
  • The partnership name changes.
  • You change the location of the partnership or add other locations.
  • A new partnership is formed as a result of the termination of a partnership under IRC section 708(b)(1)(B).
  • 50 percent or more of the ownership of the partnership (measured by interests in capital and profits) changes hands within a twelve-month period (terminated partnerships under Reg.(###) ###-####1).

...

Limited Liability Company (LLC)

An LLC is an entity created by state statute. The IRS did not create a new tax classification for the LLC when it was created by the states; instead IRS uses the tax entity classifications it has always had for business taxpayers: corporation, partnership, or disregarded as an entity separate from its owner, referred to as a “disregarded entity.” An LLC is always classified by the IRS as one of these types of taxable entities. If a “disregarded entity” is owned by an individual, it is treated as a sole proprietor. If the “disregarded entity” is owned by any other entity, it is treated as a branch or division of its owner.

Ask Your Own Tax Question
Was this answer helpful?
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,000
14,000 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
If I am converting an LLC taxed as a partnership to be taxed
Quick question. If I am converting an LLC taxed as a partnership to be taxed as an s corp, would the 1065 for the year prior to the switch be considered a final even though I will be using same ein fo… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I need to file an extension for my LLC and individual 2017
I need to file an extension for my LLC and individual 2017 tax return. What forms do I need?… read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
87 satisfied customers
My return indicates an error at State Taxes & Interest
My return indicates an error at State Taxes & Interest worksheet, indicating I have to fill in " 1.b.2" I can not do that because I haven't lived in any state other than FL during 2017. I don't know h… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
I have an IRS tax law question regarding forms need to file
I have an IRS tax law question regarding forms need to file an extension on filing a form 1041. Need a tax professional from California to respond. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
I am filing for my sole proprietor small business for the
I am filing for my sole proprietor small business for the first time. I have been operating since 2016 but was told by a tax service that I didn't have file anything. I am questioning now if there was… read more
abci168
abci168
Principal
27 satisfied customers
If I am a sole proprietor is it better for me to be in
If I am a sole proprietor is it better for me to be in payroll? Or do an owners draw - owner equity?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,067 satisfied customers
Non Resident Taxpayer owns an interest in MO partnership.
Non Resident Taxpayer owns an interest in MO partnership. Their share of income in 2017 is a small loss ($500). In 2018 they have a huge income from the sale of the MO property ($400,000+). For 2018 e… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Where do report for Partnership (LLC) returns using Form
Where do report for Partnership (LLC) returns using Form 1065 income recipient from taxable federal grant? Specifically, 1099-G, Box 6.… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
931 satisfied customers
This is in regards to a partnership tax return Form 1065 and
This is in regards ***** ***** partnership tax return Form 1065 and potentially amending it. The only reason for the amendment would be the distribution information on the K-1s was incorrect. Nothing … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a recruiting firm LLC and am a sole proprietor. I
Hello, I have a recruiting firm LLC and am a sole proprietor. I recently hired some 1099 workers and am wondering if I need to provide worker's comp? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I am a therapist and have filed as a sole proprietor with my
I am a therapist and have filed as a sole proprietor with my social security number for years. I filed for a PLLC in 2017 and got it in summertime. I received all payments in my name, not the PLLC. I … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
Should LLCs listed as a Partnership (P) or Individual/sole
Should LLCs listed as a Partnership (P) or Individual/sole proprietor or single-member LLC receive 1099-misc?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Are religious (church) non-profits required to file state
Are religious (church) non-profits required to file state and federal taxes annually? … read more
Lane
Lane
JD, CFP, MBA, CRPS
14,000 satisfied customers
Changing being taxed as an LLC sole proprietor to an LLC
changing being taxed as an LLC sole proprietor to an LLC taxed as an S-corp, do they need to file Form 8832 or Form 2553 or both?If both, in what order?THANKS… read more
abci168
abci168
Principal
27 satisfied customers
I file taxes as a sole proprietor (as a single member LLC,
I file taxes as a sole proprietor (as a single member LLC, cash basis) - I would like to pay my son to help me with the business. The LLC has no employees by design so my son (under 18) would be an ou… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,067 satisfied customers
With the new tax laws, if I'm a sole proprietor, would it
With the new tax laws, if I'm a sole proprietor, would it make sense for me to become an LLC? … read more
Lane
Lane
JD, CFP, MBA, CRPS
14,000 satisfied customers
Penalty for late filing of partnership LLC tax return, not
Penalty for late filing of partnership LLC tax return, not eligible for Rev Proc 84-35 relief because one of the partners is a foriegner… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
I file taxes as a sole proprietor (as a single member LLC,
I file taxes as a sole proprietor (as a single member LLC, cash basis). I need to know if I can deduct the finance expense tied to a line of credit for my LLC from income. I generally understand that … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x