New TIN# or Ammendment Needed?

3 Replies

Hello, we just closed on 12/30/15 on a new property and part of the structure was taking over the LLC that was created for the intent of assigning to the end buyer which was my partner and I.

We are getting push back from the bank on establishing an account because they see the previous member listed on the IRS document when the TIN # was established online. They are saying we may need a new TIN or amended paperwork from the IRS showing our names as members associated with the existing TIN.

Everybody is closed today because of the extended holiday weekend so I figured I check on here so I know how to proceed on Monday. 

Take your paperwork to the bank showing that the LLC was sold. Depending on the bank, that **might** work (but probably won't).

If they stand firm on their policy, you'll need to file form 8822 with the IRS right away. This changes the address and responsible party for the LLC. You'll also want to go online to your Secretary of State's website and file amended articles as well, showing a new address and contact as well.

You'll want to do this regardless of whether the bank stands on their policy, but if the bank will not open an account for you, you'll want to make this your top priority.

Hi Linda, thanks for your response. We did provide the transfer paperwork and they still are looking for the IRS documents. 

I will follow up Monday with your recommendations. 

@George Bittar

If it were me I would go to irs.gov and get a new tin either way the bank goes. Even though you bought the LLC for "State" purposes you do not want to absorb any federal tax liability of the previous owners. They need to file a final return with their ein and you need to start a new tax history with your ein. In FL transfer taxes are brutal so sometimes we might sell a big commercial building in an LLC on a bill of sale vs a deed. New owners get "name" LLC and building. But they get all new ein and state sales tax numbers so they don't absorb any tax liability from previous owners.

Hope this helps,  good luck