Updating your business address is an important step in maintaining compliance with tax laws and regulations. If your business has recently moved or is planning to move, it’s important to update your address with the IRS as well as other relevant institutions as soon as possible to avoid any confusion or penalties. In this article, we will go over the steps you need to take to update your business address with the IRS, as well as provide information on how to update your address with your state and other relevant institutions.
Step 1: File Form 8822-B
The first step in updating your business address with the IRS is to file a Form 8822-B, Change of Address or Responsible Party – Business. This form can be filed online or by mail. Once you file the form, the IRS will update your business address on file.
Step 2: Update Existing Tax Forms and Accounts
Next, you will need to update your business address on any existing tax forms or accounts you have with the IRS, such as payroll tax accounts or sales tax accounts. This will ensure that your business remains in compliance with all tax laws and that you do not incur any penalties for failing to file accurate information. If you have an account using a full-service payroll provider such as Gusto or Square, you may be able to update these accounts directly via those services.
Step 3: Notify the Social Security Administration (SSA)
If you have employees, you will need to notify the SSA of the address change by reporting the new address on your next Form W-2 or Form 941. This will ensure that your employees’ social security benefits are not affected by the address change.
Step 4: Your Business Address with your State
The process for updating your business address with your state will vary depending on the state in which your business is registered. However, in general, you will need to file the appropriate paperwork with the state, notify the state of the address change, and update your business address on any state-level accounts or registrations. It’s important to check with your state’s business registration agency to know the specific requirements.
Step 5: Updating Your Business Address with the USPS
To update your business address with the USPS, you will need to file a change of address form with the post office. This can typically be done online, by mail, or in person. This will ensure that your business mail is forwarded to the new address. You will also want to be sure that you include ALL registered business names at the federal and state level, including trade names and DBAs (doing business as). Otherwise, some mail may not be forwarded. USPS charges $1 per business name, trade name, or DBA.
Step 6: Updating Your Business Address with Bank Accounts and Credit Cards
To update your business address with your bank accounts and credit cards, you will need to contact the financial institution and inform them of the change. They will likely require that you provide proof of the new address, such as a utility bill, lease agreement or some other official document. It’s important to update your address with all your financial institution to ensure that you continue to receive important account information and avoid any interruption of services.
In conclusion, updating your business address with the IRS, the state, USPS, bank accounts and credit cards is an important step in maintaining compliance with tax laws and regulations and ensuring that your business continues to operate smoothly. Keep in mind that you’ll need to do this for every state you’re doing business in, so make sure to check with your local government as well.
