Altering your business address after moving is a time-consuming and complex process that requires meticulous planning and follow-up. Notifying key agencies, listings, documents and accounts about the change can help mitigate major obstacles caused by an address change.
Notifying federal, state and local entities of your company’s address change is essential in order to avoid missing out on important paperwork or tax notices, but is there a solution out there? This article goes into some of the specifics of these forms and possible ideas how to outsource said issues.
IRS Form 8822-B
As a business owner, it’s essential to update your address with the IRS whenever it changes. Otherwise, they won’t be able to send time-sensitive documents if they don’t have your new info on file or otherwise noted in any digital or analog systems.
This two-page form must be signed by a company representative, officer or owner and sent via postal service to an IRS service center nearest the business’s address.
Filling out Form 8822-B requires entering your business’s previous mailing address and the updated one, along with the name of its new responsible party (who must be either a corporate officer or owner). Additionally, provide them with the best daytime phone number to contact them during company hours of active operation.
Churches should use Form 8822-B when their “responsible party,” that is, the individual or organization with ultimate tax responsibility, changes. Effective January 1, 2014, churches and districts must report any modifications to this responsible party on Form 8822-B before March 1, 2014.
For most business entities, the responsible party is either a corporate officer or owner. This individual has the authority to make decisions related to taxes paid by the business as well as funds and assets of that entity. Thus, changes in this role can have significant effects on how finances are handled within a company.
Secretary of State
Thankfully, the state department has your side. When filing your business change of address form, the Secretary of State (SOS) is an invaluable resource. They maintain records on all entities within the state–from companies and limited partnerships to limited liability firms–and can assist you with filing any necessary amendments or cancellations.
The SOS’s office is accountable for issuing official documents such as certificates of incorporation and licenses to businesses, and authenticating those same documents for international use. They maintain all official records related to the state – its laws and acts passed by legislators – in addition to issuing official documents themselves.
In addition to these functions, the SOS office provides advice for new business owners. Its online tools enable you to check if a certain name is available, reserve it, and file for a business certificate.
Secretaries of State may require you to update articles of organization or amendments as your business changes. This process, known as ‘business filing,’ may involve paying a fee depending on which state you live in.
Additionally, the SOS typically produces annual reports for all business entities. These documents offer up-to-date details regarding an entity’s filings and finances. As each state has distinct regulations and processes for filing this data, it’s essential to contact the office in your area to ascertain what requirements exist.
One way to determine this is by checking your state’s statutes on the Secretary of State website. There you’ll find an extensive collection of statutes and other laws used for governance in that region.
Department of Revenue
Altering your business address can offer numerous benefits, such as improved customer service and greater brand recognition. But it also requires updating a variety of records to reflect the shift. The fastest way to ensure everything is in order is by notifying local and state government agencies of the relocation.
The Department of Revenue is the most obvious option here. They send notifications about taxes, income tax and other important matters that you should stay on top of as you establish operations in a new jurisdiction.
Not only will they inform you of the latest sales tax updates, but they can also determine if your company must pay property taxes or obtain a license or permit in its new locale. For instance, if you own a restaurant in New York and move to California, obtaining a restaurant permit is necessary before opening a shop in California.
Additionally, you should consider obtaining a tax ID (EIN) to avoid running into trouble with the IRS. This is especially pertinent if you plan on opening a branch office or expanding into other states.
Before applying for a tax ID, it’s important to do your due diligence. Thankfully, the State of Texas offers an invaluable website that can provide all the information you need about dealing with the IRS and answer your tax queries conveniently. Using this platform will guarantee you don’t miss any crucial deadlines related to filing your return or paying your bills on time.
Licenses and Permits
Licenses and Permits are necessary for businesses to operate legally within a given jurisdiction. As regulations vary by state and region, it’s essential that you understand what’s necessary for your business before beginning operations.
Businesses such as retail stores and restaurants require local licenses; professional services firms may need to obtain a federal business license (https://www.sba.gov/business-guide). Unfortunately, most business licenses and permits don’t last forever; you typically need to reapply and pay fees for these permits periodically.
One of the most frequently asked questions when changing a business address is if it will affect your state, county or city licenses and permits. While some states – such as New York – don’t require business licenses at the state level, it is still essential to be aware of all licensing requirements both local and state level.For instance, if you already hold a TPT (Tobacco Products Tax) license and move to another location, the state must cancel your existing TPT license before issuing you with another. To do this, submit a Business Account Update form with the “Cancel effective date” box checked and filled out.
If your business is registered in another state, you must notify that state of your change of address. Doing this ensures you receive notifications for sales and excise taxes, employment taxes and other state-related matters – something quite important if you’re taking care of this stuff by yourself or “in-house’.