WITAXLADY Posted March 22, 2023 Report Share Posted March 22, 2023 2 person 1065, LLC and EIN - now just 1 person - Sch C - does he need a new EIN? Or can he just do final 1065 and use the EIN Or wouldn't that also stop the EIN? Seems to me he needs a new EIN? But how can he keep the same name and WI sales tax? and still same LLC - just 1 person now working to hard!! Please clear this up if you can? thx D Quote Link to comment Share on other sites More sharing options...
Lee B Posted March 22, 2023 Report Share Posted March 22, 2023 I had a client with this situation 5 or 6 years ago. Depending on dates and how the details of how the the 2nd partner departed, a final partnership return would be filed. The LLC by default with only 1 member left becomes a disregarded entity filing a Schedule C under their SSN. If there are payroll employees of course a new EIN would be required. Also the PTS EIN would need to be officially closed. 1 Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted March 22, 2023 Author Report Share Posted March 22, 2023 the issue is the WI state sales tax is filed under the EIN and the LLC - We can change the LLC to 1 but now we'd have to change all the state info to a new EIN.. Grrr D 1 Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted March 23, 2023 Report Share Posted March 23, 2023 Unfortunately since the business has become a new entity, it cannot use the ein of the former partnership. 1 Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted March 23, 2023 Author Report Share Posted March 23, 2023 ok - that makes sense.. thankyou all! Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted March 23, 2023 Author Report Share Posted March 23, 2023 wait!! How does he get to keep the same name he has established??? Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted March 23, 2023 Report Share Posted March 23, 2023 1 hour ago, WITAXLADY said: wait!! How does he get to keep the same name he has established??? I think that depends on how he registers with the state, IRS does not care. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted March 23, 2023 Report Share Posted March 23, 2023 We have so little guidance on Wi tax law. Seems like you either "know" it or you "don't". Call the people at My Tax Account. They are very knowledgeable and helpful. Quote Link to comment Share on other sites More sharing options...
JackieCPA Posted March 23, 2023 Report Share Posted March 23, 2023 Cannot they just file 8832 change in entity clasification? Quote Link to comment Share on other sites More sharing options...
Lee B Posted March 23, 2023 Report Share Posted March 23, 2023 35 minutes ago, JackieCPA said: Cannot they just file 8832 change in entity clasification? "Note. For information on the federal tax consequences of elective changes in classification, see Regulations section 301.7701-3(g)." Reading the instructions for Form 8832, it may be possible in certain situations if you meet the necessary requirements, however it may have undesirable consequences. Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted March 24, 2023 Report Share Posted March 24, 2023 23 hours ago, WITAXLADY said: How does he get to keep the same name he has established??? 21 hours ago, DANRVAN said: I think that depends on how he registers with the state, IRS does not care. Your state probably does not care either. I had a similar situation with an Oregon client that went from partnership to sole proprietor and kept the same business name. They track the business by identification number not the name. 1 Quote Link to comment Share on other sites More sharing options...
mcb39 Posted March 24, 2023 Report Share Posted March 24, 2023 I had a small business go from S Corp to Qualified Joint Venture. I just had to write a letter to the State informing them what had transpired. Actually just a copy of the IRS letter dissolving the S Corp. They kept the same name. Quote Link to comment Share on other sites More sharing options...
Lee B Posted March 24, 2023 Report Share Posted March 24, 2023 On 3/22/2023 at 9:07 PM, WITAXLADY said: wait!! How does he get to keep the same name he has established??? Yes, but you would have to amend your business registration. Quote Link to comment Share on other sites More sharing options...
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