How Do I Validate My Tax ID Number When I Move?

verify tax ID numberTo ensure that your small business continues to thrive, it may be necessary to expand into new markets. However, if you are going to move your headquarters across state lines, then there is some paperwork involved in the process. First and foremost, it’s crucial that you make sure your Federal EIN number is still valid. Let’s go over the process involved.

Changing Your Address with the IRS

For the most part, all you will have to do to validate your EIN after moving is to submit a change of address form with the IRS. This process is very straightforward, although it could take up to four to six weeks to process fully.

There are also a few times when you will need to apply for a brand new Tax ID. Those circumstances are as follows.

  • If a sole proprietorship decides to incorporate or start hiring employees, it will need to obtain an Employer ID Number (EIN).
  • As a corporation, if you merge with another company, become a subsidiary of another corporation, or change your tax status, then you will need a new ID number.
  • If a partnership dissolves (i.e., if a partner leaves) or decides to incorporate.
  • For estates, if money is used to form a trust, it will need a new Tax ID number. Also, if it becomes a business after the owner’s death.
  • A Trust Tax ID number must be changed if the parameters of the trust are altered, or it is turned into an estate.

Obtaining a Federal Tax ID

Fortunately, whether you need to change addresses or file for a new number, you can take care of all of the paperwork online. Obtaining a new ID shouldn’t take more than a day or so, making the process even more streamlined and convenient.

Overall, we recommend consulting with a lawyer before moving your business across state lines, as you will want to review all of your options before you commit to anything. This way you will guarantee success and won’t risk putting your company in jeopardy by doing the wrong thing.

Top 10 quotes by Mark Zuckerberg

never giveupAn Internet entrepreneur, computer programmer and philanthropist, Mark Zuckerberg is the face of Facebook with his net worth estimated to be US$71.5 billion as of September 2017. He co-founded Facebook, and currently operates as its chairman and chief executive officer. The Harvard drop-out made it big with his social-networking website Facebook which was launched in his dorm room and has a user base which has grown to become more than 1 billion people.
The Facebook founder focused his efforts to make a positive impact on the world. So, here are some powerful words by Mark Zuckerberg that can lead you to success:

1. On Motivation
“Move fast and break things. Unless you are breaking stuff, you are not moving fast enough.”
2. On Success
“The most important thing that entrepreneurs should do is pick something they care about, work on it, but don’t actually commit to turning it into a company until it actually works.”
3. On Bringing Change in the world
“My goal was never to just create a company. A lot of people misinterpret that, as if I don’t care about revenue or profit or any of those things. But what not being ‘just’ a company means to me is building something that actually makes a really big change in the world.”
4. On de-motivators
“This is a perverse thing, personally, but I would rather be in the cycle where people are underestimating us. It gives us latitude to go out and make big bets that excite and amaze people.”
5. On taking risks
“The biggest risk is not taking any risk… In a world that is changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”
6. On mistakes
“I made so many mistakes in running the company so far, basically any mistake you can think of I probably made. I think, if anything, the Facebook story is a great example of how if you’re building a product that people love you can make a lot of mistakes.”
7. On starting simple
“I think a simple rule of business is, if you do the things that are easier first, then you can actually make a lot of progress.”
8. On Hard Work
“People can be really smart or have skills that are directly applicable, but if they don’t really believe in it, then they are not going to really work hard.”
9. On Leadership
“If you want to build something great, you should focus on what the change is that you want to make in the world.”