Kea Posted June 21, 2009 Report Share Posted June 21, 2009 A friend of mine (not a client - yet) recently inherited her Mom's share of a partnership (other partner is her uncle). From reading the FAQs on the IRS website, they do not need a new EIN. I can find all kinds of info on getting a new EIN, but I can't find how you change the name (or anything else) on a EIN. How is this done? Can it be done online? Thanks. Quote Link to comment Share on other sites More sharing options...
Catherine Posted June 21, 2009 Report Share Posted June 21, 2009 Kea -- Why does anything in the partnership need changing? Did the partnership name change? That's what is associated with the EIN. If there wasn't enough ownership change to affect the partnership, I think your friend just takes over her mom's share, and the only thing that changes is the name and SSN on the K-1. For this year, there will be two for that share -- one for the mom, from 1/1/09 to DOD, then another from DOD thru EOY for daughter. Next year, that share will just have a single K-1 for your friend. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted June 21, 2009 Report Share Posted June 21, 2009 Kea -- Why does anything in the partnership need changing? Did the partnership name change? That's what is associated with the EIN. If there wasn't enough ownership change to affect the partnership, I think your friend just takes over her mom's share, adn the only thing that changes is the name and SSN on the K-1. For this year, there will be two for that share -- one for the mom, from 1/1/09 to DOD, then another from DOD thru EOY for daughter. Next year, that share will just have a single K-1 for your friend. Catherine is correct. The EIN belongs to the Partnership. If the percentage of ownership is 50% or less, nothing is affected., as per the EIN. Quote Link to comment Share on other sites More sharing options...
Kea Posted June 22, 2009 Author Report Share Posted June 22, 2009 They want to change the name from Doe and Smith PTR (Uncle & Mom) to Doe and Jones PTR (Uncle and Daughter). It was and is a 50 / 50 partnership. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted June 22, 2009 Report Share Posted June 22, 2009 Form 1065, Page 1, Item G. taxbilly Quote Link to comment Share on other sites More sharing options...
MDCPA Posted June 22, 2009 Report Share Posted June 22, 2009 see IRS website link and publication 1635: IRS Link Quote Link to comment Share on other sites More sharing options...
jainen Posted June 22, 2009 Report Share Posted June 22, 2009 >>They want to change the name<< They don't really need to involve the IRS. They can leave the tax records the same, while conducting business under a D.B.A. filed with the county. Quote Link to comment Share on other sites More sharing options...
Kea Posted June 22, 2009 Author Report Share Posted June 22, 2009 Thanks. BTW, my friend went to the bank with her uncle to change the name on the bank account. She took the death certificate and letters of testamentary. But the people at the bank told her that they couldn't change it without a new partnership agreement. The uncle doesn't remember ever having a previous agreement. Both the uncle's CPA and my friend's lawyer said that the agreement was not necessary. I thought changing it with IRS might be sufficient for them. But the IRS doesn't seem to be in any hurry to get the new name. And even if they send them a letter, I'm not sure how long it takes for IRS to respond - if at all. I'm not sure what else they should need to change the name at the bank. Maybe just find someone else to talk to? Thanks Quote Link to comment Share on other sites More sharing options...
jainen Posted June 22, 2009 Report Share Posted June 22, 2009 >>find someone else to talk to?<< Why bother? Just order new checks that say anything they want--nobody knows or cares about the back story. The k-1s, W2s, and 1099s will of course still show the old name, but that's as common as belly button lint and nobody gives it half a thought. Quote Link to comment Share on other sites More sharing options...
JohnH Posted June 22, 2009 Report Share Posted June 22, 2009 Is there another bank in town? Quote Link to comment Share on other sites More sharing options...
Lion EA Posted June 22, 2009 Report Share Posted June 22, 2009 Aren't they organized with their state? File an amendment changing the name with the state. Take the state acceptance of the filing to the bank. Quote Link to comment Share on other sites More sharing options...
Kea Posted June 22, 2009 Author Report Share Posted June 22, 2009 The uncle doesn't remember ever doing anything with the State. Is there some way to check? Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted June 22, 2009 Report Share Posted June 22, 2009 Since a partnership does not actually have to be in writing, although it's always better to have it in writing, the bank is actually wrong to insist on a written agreement. But you've alrady got several good ideas. 1. Ignore the bank account name, just order new checks with the new name. The check printing company will not care, and the bank goes by the account number, and will process them just fine. 2. File a state 'legal name' form, then take that to the bank. Go to your state's web site, do a search for 'name change' and you should find forms, instructions, etc. there. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.