A name change can be a big deal, therefore it’s important to update your information with the relevant government bodies to make sure you stay in compliance. The Internal Revenue Service (IRS) is one such organization. You might be wondering if you have to inform the IRS of your new name if you recently changed it owing to a marriage or divorce, for example. The answer is indeed. If your name has been legally changed, you must update your IRS filing. This is significant for a number of reasons. It first makes sure that your tax return is processed properly. Your refund could be delayed or inaccurate if your name on your tax return does not match the Social Security Administration’s (SSA) records. Furthermore, the IRS will send any letter to the address on file with the organization if it concerns taxes.
You must fill out and submit Form SS-5, which is available on the SSA website, in order to change your name with the IRS. Call 1-800-772-1213 to request a paper version of the form. It will be necessary for you to present proof of your name change, such as a marriage license or court decree. Does Changing Your Name Affect Your Tax Return?
Your tax return shouldn’t be impacted by changing your name in terms of how much money you owe or how much money you get back. To minimize processing hiccups or problems, it’s crucial to make sure that the IRS has your current name. You must file your tax return under your new name if you changed it during the tax year. Additionally, you must inform your employer so that the W-2 form reflects your new name. Does Each Series in an LLC Have Its Own EIN With Regard to This?
A Limited Liability Company (LLC) is a type of corporate structure that combines the tax advantages of a partnership with the liability protection of a corporation. Each series in a series LLC is treated separately and is eligible for its own EIN. Series LLCs are not permitted in all states, thus it is crucial to confirm the rules in your jurisdiction before incorporating one.
You must submit the necessary documentation to the Secretary of State office in your state in order to convert your LLC into a series LLC. In general, you must file articles of amendment or articles of organization that reflect the series structure. The particular requirements differ by state. You can also be required to provide other paperwork, such a series operating agreement. In this regard, what distinguishes a Series LLC from a Professional LLC?
A particular kind of LLC called a professional LLC (PLLC) is made for licensed professionals including doctors, lawyers, and accountants. An LLC that permits the formation of several series, each of which may have its own unique assets, liabilities, and operations, is known as a series LLC. Their structures and purposes serve as the main points of distinction between the two. A series LLC is more adaptable and may be utilized in a range of businesses, in contrast to a PLLC, which is created particularly for licensed professionals.