New single member LLC owner is using EIN of prior LLC Multi member owners

[maryann@archmoregroup.com]

Hello Tax community,

1- How would you file 2024 Tax Returns for this below situation:

The LLC was a Multi Member ( Partnership) and they assigned the company to new owner which is now a Single Member LLC in 2024.
The new owner never changed the EIN

1- Should the new owner change the EIN now prior to filing their 2024 tax return?
2- Should the new owner's tax return be filed with the prior owner's EIN?

I have researched this on the IRS site and there is no guidance for this situation that I can find.

Thanks in advance for our input!

[TaxGuyBill]

If the new owner actually owns the original LLC, the LLC's EIN does not change so they use the same one.

However, an LLC's EIN is only used for payroll and excise taxes (and possibly some retirement plan purposes).

For income tax purposes (including filling out W-9s and issuing 1099s), the owner uses his personal name and his personal SSN or EIN (NOT the EIN of the LLC).

[maryann@archmoregroup.com]

Many thanks!

The original LLC was a partnership. They transferred the LLC to a sole owner. The ownership structure changed.

When I file taxes for the new owner who is single member, is it okay to use the EIN of the original LLC?

[TaxGuyBill]

On Schedule C? Sure. If there are not payroll or excise taxes (or certain retirement accounts), it doesn't really need it on there, but it is fine to enter it.

Just don't use the LLC's EIN for other things, such as filling out W-9s.

[maryann@archmoregroup.com]

Super- Thanks!