New Reporting Requirement for Responsible Parties

Beginning January 1, 2014, any entity with an employer identification number (EIN) must file Form 8822-B, Change of Address or Responsible Party — Business. For entities that trade shares or interests on a public exchange, or that are registered with the Securities and Exchange Commission, the responsible party is: (a) the principal officer, if the business is a corporation; (b) a general partner, if a partnership; (c) the owner of an entity that is disregarded as separate from its owner; or (d) a grantor, owner or trustor, if a trust. For all other entities, the responsible party is the person who has a control over funds or assets.

Use Form 8822-B to notify the IRS if you changed your business mailing address, your business location or the identity of your responsible party. Form 8822-B must be filed within 60 days of the change. 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. Generally, it takes four to six weeks to process your address or responsible party change.