Effective 1 Jan 2014, the IRS has a requirement
to file the form 8822-B when the responsible person
for the EIN changes.
The "responsible person" is defined as
"(T)he person who has a level of
control over, . . . the funds
or assets in the entity that, as a practical
matter, enables the individual, directly or
indirectly, to control, manage, or direct
the entity and the disposition of its funds
and assets."
My questions:
1. If the treasurer has filed the club's partnership
returns in prior years and supplied his/her name,
address,and SSN as the responsible person, is it
necessary to file the 8822-B?
2. If there are two or more partners who have trading
privileges at the brokerage for the club's account,
is it necessary for each person to file a separate 8822-B
to provide the information to the IRS?
Jack Ranby, Treasurer, Grants Partners Investment Club
Laurie Frederiksen on
Dear Jack,
When you first got your EIN number, you designated a responsible party for your club. That is a person who has the information and authority to answer questions about your clubs finances and operations. If that contact information has changed you need to file form 8822-B.
You do not need to have more than one responsible party.
There are those of you who may have gotten your EIN numbers a long time ago and the member who was previously designated as a contact is no longer even a member of your club. In that case, you should file a form 8822-B and update your contact information. It needs to be filed before March 1, 2014.
On Sat, Jan 18, 2014 at 4:53 PM, John W Ranby <ranby@azbar.org> wrote:
Effective 1 Jan 2014, the IRS has a requirement
to file the form 8822-B when the responsible person
for the EIN changes.
The "responsible person" is defined as
"(T)he person who has a level of
control over, . . . the funds
or assets in the entity that, as a practical
matter, enables the individual, directly or
indirectly, to control, manage, or direct
the entity and the disposition of its funds
and assets."
My questions:
1. If the treasurer has filed the club's partnership
returns in prior years and supplied his/her name,
address,and SSN as the responsible person, is it
necessary to file the 8822-B?
2. If there are two or more partners who have trading
privileges at the brokerage for the club's account,
is it necessary for each person to file a separate 8822-B
to provide the information to the IRS?
Jack Ranby, Treasurer, Grants Partners Investment Club
Robert Anderson on
Bivio support, I have 2 questions: 1) how do I find who was on our initial EIN application? We have changed treasurers several times. I am sure there is a copy of the original EIN application some where in the boxes of records I received. Can I just submit the info on new responsible person and let them supply the other info?
2) When checking our records for another matter, I find that all of my entries of member payments following our last meeting on 16 Jan 14, ALL are entered 3 times and all in our former president's name rather than mine. How do I correct this error? Should I just delete all 3 entries on each members record and make a correct entry on each? I don't want to make another error.
Thanks for your help. Bob
On Jan 20, 2014, at 8:48 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Dear Jack,
When you first got your EIN number, you designated a responsible party for your club. That is a person who has the information and authority to answer questions about your clubs finances and operations. If that contact information has changed you need to file form 8822-B.
You do not need to have more than one responsible party.
There are those of you who may have gotten your EIN numbers a long time ago and the member who was previously designated as a contact is no longer even a member of your club. In that case, you should file a form 8822-B and update your contact information. It needs to be filed before March 1, 2014.
On Sat, Jan 18, 2014 at 4:53 PM, John W Ranby <ranby@azbar.org> wrote:
Effective 1 Jan 2014, the IRS has a requirement
to file the form 8822-B when the responsible person
for the EIN changes.
The "responsible person" is defined as
"(T)he person who has a level of
control over, . . . the funds
or assets in the entity that, as a practical
matter, enables the individual, directly or
indirectly, to control, manage, or direct
the entity and the disposition of its funds
and assets."
My questions:
1. If the treasurer has filed the club's partnership
returns in prior years and supplied his/her name,
address,and SSN as the responsible person, is it
necessary to file the 8822-B?
2. If there are two or more partners who have trading
privileges at the brokerage for the club's account,
is it necessary for each person to file a separate 8822-B
to provide the information to the IRS?
Jack Ranby, Treasurer, Grants Partners Investment Club
Laurie Frederiksen on
Hi Bob,
Here are the IRS instructions including a phone number you can call to ask your specific questions about updating your EIN information:
If entries show the former presidents name on them, they were made by him or someone else logged in with his userID. You should ask him what he did. There should never be more than one person with the same login information for your club. If there are extra entries, delete the ones that are extra and leave the correct ones.
Laurie Frederiksen Invest with your friends! www.bivio.com
On Mon, Jan 20, 2014 at 9:41 AM, Robert Anderson <sanbobfla@aol.com> wrote:
Bivio support, I have 2 questions: 1) how do I find who was on our initial EIN application? We have changed treasurers several times. I am sure there is a copy of the original EIN application some where in the boxes of records I received. Can I just submit the info on new responsible person and let them supply the other info?
2) When checking our records for another matter, I find that all of my entries of member payments following our last meeting on 16 Jan 14, ALL are entered 3 times and all in our former president's name rather than mine. How do I correct this error? Should I just delete all 3 entries on each members record and make a correct entry on each? I don't want to make another error.
Thanks for your help. Bob
On Jan 20, 2014, at 8:48 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Dear Jack,
When you first got your EIN number, you designated a responsible party for your club. That is a person who has the information and authority to answer questions about your clubs finances and operations. If that contact information has changed you need to file form 8822-B.
You do not need to have more than one responsible party.
There are those of you who may have gotten your EIN numbers a long time ago and the member who was previously designated as a contact is no longer even a member of your club. In that case, you should file a form 8822-B and update your contact information. It needs to be filed before March 1, 2014.
On Sat, Jan 18, 2014 at 4:53 PM, John W Ranby <ranby@azbar.org> wrote:
Effective 1 Jan 2014, the IRS has a requirement
to file the form 8822-B when the responsible person
for the EIN changes.
The "responsible person" is defined as
"(T)he person who has a level of
control over, . . . the funds
or assets in the entity that, as a practical
matter, enables the individual, directly or
indirectly, to control, manage, or direct
the entity and the disposition of its funds
and assets."
My questions:
1. If the treasurer has filed the club's partnership
returns in prior years and supplied his/her name,
address,and SSN as the responsible person, is it
necessary to file the 8822-B?
2. If there are two or more partners who have trading
privileges at the brokerage for the club's account,
is it necessary for each person to file a separate 8822-B
to provide the information to the IRS?
Jack Ranby, Treasurer, Grants Partners Investment Club
Laurie Frederiksen on
Hi Everyone,
Since it's a -20F windchill where I
am, I decided it would be a warm activity to call the IRS and sit on
hold for a while. So I have called the number I referred to and asked
them your question about who to put as the previous responsible party on
the form 8822-B.
They told me I was the first person who
had asked that and that perhaps the IRS hadn't considered that people
wouldn't know who was originally on an old EIN application form.
However, a further perusal of the form instructions by them unearthed this wording:
"If
the change in the identity of your responsible party occurred before
2014, and you have not previously notified the IRS of the change, file
Form 8822-B before March 1, 2014, reporting only the most recent change."
So
the rep indicated that the "Old" responsible party section should be
filled in with the information for the person who was the responsible
party immediately prior to the current person. ie. If your current
club treasurer is your current responsible party, who was the treasurer
prior to them.
Laurie Frederiksen Invest with your friends! www.bivio.com