As we set up our account, QB support suggested that we abandon the “Wireless Asset Slice, INC” account and replace it with “Wireless Asset Slice.” Will we lose all data?

Maintaining correct account information for the IRS and EFTPS is essential, Steve. Let’s work together to ensure everything is in order.

In QuickBooks, changing the account name will not result in any data loss. All your transactions, records, and historical data will remain intact and seamlessly linked to the new account name. This practice is essential for clarity and compliance with naming conventions.

Since the IRS recognizes “Wireless Asset Slice, INC” as your official business name, I recommend updating your QuickBooks account company name to reflect this accurately. It will help align your reporting with IRS and EFTPS requirements.

For QuickBooks Online (QBO):

1. Open your QuickBooks Online account.
2. Click on the Gear icon in the upper right corner.
3. Select Account and Settings under the Your Company section.
4. In the left sidebar, click on the Company tab.
5. Click the Pencil icon next to the Company Name field to edit it.
6. Type in the new company name, ensuring it accurately reflects your business identity.
7. Click Save, then click Done to confirm your changes.
   
   

For QuickBooks Desktop (QBDT):

1. Launch the QuickBooks Desktop application on your computer.
2. Click on the Company menu located at the top of the screen.
3. Select My Company to open the Company Information window.
4. In the My Company section, click on the Pencil icon.
5. Look for the Legal Information tab within the Company Information window.
6. Enter the new company name, and click OK to save your changes.

Once everything is in order, you can file your taxes through EFTPS to ensure compliance with federal regulations. I also recommend communicating with EFTPS support to confirm that your business information in their system is updated.

To further assist you in managing your company information in QuickBooks, I recommend reviewing these valuable resources:

• Edit company settings in QBO
• Rename your QBDT company file

Additionally, I'll share a QuickBooks article featuring a comprehensive tax checklist to guide you through essential tasks, ensuring you are fully prepared when it’s time to file your taxes again: Business tax preparation checklist.

I appreciate your proactive approach to ensuring compliance and accuracy in your financial records. If you have further questions or need assistance updating your company name in QuickBooks or ensuring your records align with IRS requirements, click the Reply button below. Your clarity and compliance are my top priorities.