AboutJohn Stancil, CPA Expertise I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Society of Tax Professionals, and the Institute of Management Accountants.
Experience I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper.
Expert: John Stancil, CPA Date: 7/4/2008 Subject: Change of Business Type
Question Hi John,
A client of mine was previously operating a restaurant under an S-Corp. The restaurant didn't work out and he now wants to go into consulting. Can he still use the existing corporation? Does he need to apply for a new EIN? Is there anything else he should do in this situation?
Thank you in advance and Happy 4th of July.
Jeff
Answer Jeff,
Thanks for your question.
He will not need a new EIN if he continues the same corporation. From a tax standpoint, he could utilize the same corporation.
However, the articles of incorporation and state law should be consulted to see if it is permissible from a legal standpoint.
