NEW IRS Requirement for Organizations with an EIN
The Treasury Department issued a new regulation (T.D. 9617) requiring each organization with an EIN to update the name of its Responsible Party. Accordingly, IRS designed a form for each EIN holder to transmit this new information: IRS Form 8822-B (copy available at http://www.irs.gov/pub/irs-pdf/f8822b.pdf ). This form also serves to report an organization’s change of address. The new requirement to update the Responsible Party became effective January 1, 2014, and organizations have sixty (60) days to comply, i.e., March 1, 2014. In the future, whenever there is a change of Responsible Party, organizations must update that information using Form 8822-B within sixty (60) days of the change. See the Business & Finance page under Ministries for more information.