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nytcpa2012
nytcpa2012
Level 5
March 6, 2021

change in corporate ownership

  • March 6, 2021
  • 1 reply
  • 13 views

Have a client who just sold their S corporation (stock sale); Bank needs "IRS confirmation letter" to change signature cards [new owner is keeping same Fed ID#] as well as a "Certificate in Good Standing".  Where/how do we get these documents? 

 

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1 reply

sjrcpa
sjrcpa
Level 15
March 6, 2021

Certificate of good standing comes from the state where they incorporated.

IRS confirmation letter for what?  Sale of S Corp stock isn't separately reportable to IRS. 

The more I know the more I don’t know.
nytcpa2012
nytcpa2012Author
Level 5
March 6, 2021

I don't know what the IRS Confirmation Letter refers to. this is from a list of things needed that the bank sent to my client.  It says "required for all new entities and new owners"  I have the S election letter but it is over 20 years old, so I don't think that's what they are talking about.

qbteachmt
qbteachmt
Level 15
March 6, 2021

Your client likely presented this incorrectly to the Bank; it's not a New Entity. They would likely accept a copy of the minutes and agreed on resolution for new officers.

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