Landmark Tax Group

New IRS Businesses Requirement Form 8822-B

Beginning January 1, 2014, any entity with an EIN (Employer Identification Number), such as a corporation, LLC, tax exempt organization, or retirement plan sponsor, must file Form 8822-B Change of Address or Responsible Party – Business to report the latest change to its responsible party. The newly required form must be filed within 60 days of the change.

If the change in the identity of your responsible party occurred before 2014, and you have not previously notified the IRS of the change, file Form 8822-B before March 1, 2014, reporting only the most recent change.

The IRS generally defines a “responsible party” as the person who has a level of control over, or entitlement to, the funds or assets in the entity that, as a practical matter, enables the individual, directly or indirectly, to control, manage or direct the entity and the disposition of its funds and assets. For most business entities, this is usually the corporate officers or owners.

Along with reporting the identity of an entity’s responsible party, you will also use Form 8822-B to notify the IRS if you changed your business mailing address or physical business location. It should be noted that any entities that change their address or identity of their responsible party must file Form 8822-B, whether or not they are engaged in a trade or business at the time.

It will take approximately 4 to 6 weeks for the IRS to process the address or responsible party change via Form 8822-B.

See: Business Deductions – A Simple Guide

See: 6 Ways to Reduce Your Chance of an IRS Audit

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For immediate assistance with Form 8822-B, or another tax matter, contact us today at 1-714-382-6780 for a FREE and CONFIDENTIAL consultation with our CPAs and former IRS Auditors. 

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