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?
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.
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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I hope the bank was wrong. We will be providing the 20+year S corp approval letter from the IRS as well as minutes from both old and new owners' meetings to accept the offer and to codify the purchase.
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