Hello!
We are currently changing one of our many EIN's and merging (or not) GP companies..
Does anyone have any insight on the do/don't for EIN changes? Brainstorming best practice of creating new GP companies, merging or possibly just starting where we left off in one company, but changing EIN on bank account infor.
Current Setup:
Federation Company(Parent) - EIN A
Northern Company - EIN B
Hudelson Company - EIN C
New Setup
Federation Company - Closing EIN and Company
Northern Company - Will become our NEW Parent Company using EIN B
Hudelson company - Will be our NEW ILLINOIS Company using using EIN D(newly registered)
At first glance, I am thinking we should do the following - 7/1/17.
1. Federation will become Historical (change all users to read only)
2. Northern will be the new OHU Parent Company.
a. Change GP ID to OHU
a. Add all Trigger Accounts for IL co. and our other two companies that are not changing.
b. Add new bank account with appropriate EIN
e. Create Integration to import all appropriate Vendors/Customers (from old FED)
3. Hudelson will be the new IL company.
a. Change GP ID to IL
b. Add new bank account with appropriate EIN
c. Create Integration to import all appropriate Vendors/Customers (from old NR)
1099's would be a manual review to break the payments out by date range/EIN number for OHU Company and IL Company.
Any guidance or insight from anyone, would be appreciated. We are looking for the most efficient way to adjust our EIN structure. I had heard that GP could handle multiple EIN's. We split all of ours into each GP company.
Thank you in advance!