The Internal Revenue Service (IRS) regulations require employer identification number (EIN) holders to update their responsible party information within 60 days of any change by filing Form 8822-B. The responsible party information is defined as the individual or entity who “controls, manages, or directs the applicant entity and the disposition of its funds and assets.” As the IRS believes that the information around the “responsible parties” for business-type entities is often outdated or incorrect, they have begun sending letters to those EIN holders where it appears, the responsible party is outdated. See IRS newswire issue IR-2021-161 for additional details.
Posted 8/16/21