You must submit a Form SS-5, Application for a Social Security Card, to the Social Security Administration (SSA) in order to alter your name with the IRS. You will receive a new Social Security card bearing your new name after the SSA authorizes it. Then, you can use this new card to update your IRS information.
The IRS must be informed of any changes to your business name if you are a business owner and hold an Employer Identification Number (EIN). You must include your new business name on a Form SS-4, Application for Employer Identification Number, in order to accomplish this.
You can close your business account with the IRS if you decide you no longer need your EIN. You must send a written request to the IRS requesting the closure of your account in order to accomplish this. Your EIN, the name of your company, and the justification for your request to shut your account must all be included.
You should be aware that if you have employees, you cannot close your account until all unpaid payroll taxes have been paid. Furthermore, you might not be allowed to use your previous EIN if you intend to restart your business in the future. You might need to submit a fresh application in its place.
A business name change with the IRS may take a while to process. The IRS typically processes requests in a period of four to six weeks. This period of time, however, may extend if the IRS requests more information from you or if your request takes longer than expected to be processed.
In conclusion, it’s critical to tell the IRS as soon as possible if your name has changed. By doing this, you may be certain that the IRS can correctly identify you and that your tax forms are accurate. You must use Form SS-4 to update your company name with the IRS if you are a business owner with an EIN. You can close your account with the IRS by sending a written request if you no longer require your EIN. A business name change with the IRS normally takes four to six weeks to process.