As a business owner, it’s critical to stay up to date on any changes that can affect your company’s legal requirements or tax liabilities. One such change that might take place is a change to the name of your company. There are a number of actions you may take to find out if the IRS has altered your business name if you are unsure.
Checking your most recent tax return is the simplest approach to find out if the IRS has altered the name of your company. Your tax return will show any changes to the name of your company. You should pay close attention to any alterations to the name on Form 1040, Schedule C, line 1. You should also let the Social Security Administration know if the name of your company has changed because it will have an impact on your Medicare and Social Security benefits.
Check the status of your Employer Identification Number (EIN) to see if the IRS has altered your company name. Your company’s EIN is a special nine-digit number that the IRS issues for tax-related reasons. It’s possible that your business name has also changed if your EIN has been updated. Call the IRS Business and Specialty Tax Line at 800-829-4933 to check the status of your EIN.
You can also check the IRS’s database of businesses to see whether they have altered your company name if you are still unclear. All registered companies and LLCs are listed in this database, along with any name changes that have taken place. You can check the database to see if any alterations have been made to your business name if it is an LLC or corporation.
The benefits and drawbacks of each business structure option should be taken into account before choosing one. The simplest type of business structure is a sole proprietorship, in which the owner and the company are regarded as one legal entity. This implies that all facets of the firm, including debts and legal liabilities, fall under the personal responsibility of the owner.
A Limited Liability Company (LLC), on the other hand, provides extra security for the owner’s private assets. In an LLC, the owner’s personal property is kept apart from the company’s property, and he or she is not held legally or personally liable for any obligations or liabilities the company incurs.
A sole proprietorship could be a better fit for smaller or less sophisticated enterprises, while an LLC is often a better choice for companies with higher risks or significant assets. However, it’s crucial to seek advice from a legal or financial expert to choose the business structure that will best serve your needs and objectives.
You can contact the IRS Business and Specialty Tax Line at 800-829-4933 to find out if your EIN is still valid. From 7 a.m. to 7 p.m. local time, Monday through Friday, this line is open. The IRS representative will require the name of your company, your EIN, and other personal data.
Alternately, you can use the IRS’s EIN Assistant tool to verify the status of your EIN online. Using this service, you can check the status of your EIN by providing information about your company and responding to a few questions. The tool offers fast results and is accessible around-the-clock.
In conclusion, it’s critical for business owners to keep up with any developments that could affect the legal status or tax liabilities of their enterprise. By following the above-mentioned methods, you may find out if the IRS has altered your business name, decide on your business structure with knowledge, and check the status of your EIN.