Sole Prop change from SSN to FEIN
by jpbeck, Performer
- Created: September 23, 2011, 11:48 am
- Updated: October 12, 2011, 4:22 pm
So my wife started a sole prop initially under her SSN and was issued a sales and use certificate in MA under that SSN. The first year we filed her personal taxes under that SSN and filed the necessary business schedules but kept seeing little flags everywhere about applying for an FEIN instead.So ahead of the next tax season I need to determine the best course of action, I would like to make tax season a little easier so should she apply for an FEIN for her business which she still plans to keep as a sole prop and how would that affect taxes if it were done in the 3rd quarter? In addition what would have to happen to the sales and use tax certificate supplied by MA, would that need to be reissued by MA under the new FEIN and if so how would that work for paying the next sales tax bill, would there have to be two partial payments one for the old and one for the new in the current quarter?Bit of a novice at all of this and Small Business Advisors at our bank are absolutely useless and seem to know less than us. Grateful for any advice...
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