Q: I had to reinstate my company after tax office failed to pay franchise taxes. Do I have to get a new bank account?

A: First, there was no reason your company needed to get a new taxpayer ID number. Second, there is no reason it should need to get a new bank account with the caveat that you need to ascertain why a new taxpayer ID number was obtained. Presumably, your bank is using your company's original taxpayer ID number. That would normally be fine because there is no reason I can think of why your company would obtain a new taxpayer ID number.

Something about you using the phrase "tax office" like it's a 'thing' suggests to me that you are not using a certified public accountant for your company and that whomever the "tax office" is probably isn't competent to handle taxes and bookkeeping for a company--as evidenced by the failure to pay franchise taxes. If your company has the revenue to have to pay franchise taxes (the threshold is $2,470,000 before any franchise tax is due), it can afford to hire an actual certified public accountant.

A: You likely don’t need to open a completely new bank account, but you should update your existing account with the bank. Contact your bank to inform them about the reinstatement and provide the new taxpayer ID number. They will advise you on whether you need to make any changes to your current account or if a new one is necessary.

Besides updating your bank, ensure all your business records reflect the reinstated status and the new taxpayer ID. This includes updating your information with any vendors, clients, and government agencies you work with. It’s important to keep all documents current to maintain smooth operations.

Additionally, review your company’s licenses and permits to make sure they are still valid and correctly linked to your reinstated status. Keeping everything up to date will help prevent any future complications and ensure your business runs smoothly moving forward.