Morgan Stanley Keeps Changing Their Name, Address and now EIN!

[Frustrated-in-IL]

Why do these brokerage houses, especially Morgan Stanley, continually change their names and/or addresses?  I think we got a reprieve from Morgan Stanley doing it on the 2022 1099R forms but just an FYI for those who haven't run across it yet, for 2023 not only did they change the name, and the floor they are on, but ALSO the EIN!

I think they just do this $hit to mess with us.

[IRonMaN]

We don't have anyone local selling Morgan Stanley stuff so I don't see a lot of their forms.  Now I'm glad I don't.

[PATAX]

I noticed that last year - cant remember which brokerage house/insurance company (may have been prudential, not sure). Thanks for heads up.

[Bsch4477]

And Vanguard changed everyone from their mutual fund to their brokerage platform so you may be seeing double the tax forms. 

[Just-Lisa-Now-]

It feels like theyre all related!

You may not realize it, but as long as an EIN is valid, it will be accepted for Efiling, even if its the wrong EIN for that particular 1099R...so dont lose any sleep if you accidently missed than an EIN changed.

[PATAX]

@Just-Lisa-Now- thanks for that information Lisa. I always thought they matched up the specific EIN with the specific name. Thanks

[Frustrated-in-IL]

I didnt realize that but what happens when IRS computers see that a particular 1099 wasn’t reported based on EIN?  Or is that irrelevant so long as the total from the 1099 forms equal what was reported?  I have seen IRS notices where they list the specific payers by EIN so I thought that was how they do it.

BTW, at this time of year I lose a lot of sleep for no other reason than a lot to do and only 64 days or so left to get it done.    Can you say 4868?

[PATAX]

@Frustrated-in-IL if they paid in enough in estimates and so forth, then extensions are a good option, that I have used for years and it spreads the work out over more time.

[Just-Lisa-Now-]

They don't cross match W2/1099R EINS reported on a 1040 with names like they do taxpayers names and SSNs.

As long as an EIN is valid on a W2 or 1099R, it will go through electronically.

As long as the dollar amounts reported on the W2 or 1099R on the taxpayer return match up with the dollar amounts the computers show as being paid to them, you wont see a CP2000 either.

Ive unknowingly tested this theory on numerous occasions when Ive missed a new EIN on a document, or Ive plugged the1099R figures into the wrong one that was saved in a client file, never once had an issue later down the road.

The employer I worked for, he was notorious for misspelling business names, or using acronyms or a commonly used name of a local business for the name of a issuer, when the name on the document was something very different...it was never an issue.

[BobKamman]

Mr. Morgan and Mr. Stanley were originally partners, and if they took in more partners and then there was more than 50% change in ownership, they would have to get a new EIN.  But I doubt that's what happened here, the company has been listed on the NYSE for decades.  They could have transferred some of their functions to a new subsidiary or affiliate.  Does the 1099 have an Irish stamp, or a South Dakota postmark?  They're allowed to look for tax shelters, just like everyone else.  

[Frustrated-in-IL]

No, they moved from the 40th floor to the 7th floor, are now Morgan Stanley Capital Management LLC and have a new EIN.

[Frustrated-in-IL]

Thanks Lisa!  I am sure I have unwittingly tested that as well.

I think I will just use the same EIN for all 1099R forms now.  No need to pay any attention to the name and EIN now.  JUST KIDDING!

[rbynaker]

Thanks for the heads-up.

I don't think I have anyone with a Morgan Stanley 1099-R so I've never paid attention to the address or EIN.

On the INT/DIV/B side there were lots of mergers in 2023.  For every ETrade 1099 you should also look for a Morgan Stanley 1099.  For every TD Ameritrade 1099, also look for something from Charles Schwab.

I haven't confirmed this but I think that IRS schema change that folks were getting rejects on for prior year returns had something to do with the IRS matching payors and EINs now.  I've heard on another list that folks are getting rejects for 1099-Rs from the Ohio state deferred comp plan because the IRS has an error in their system mismatching the name and EIN (so maybe they're at least attempting to match those this year.)

See blurb in the box at the top of the page:

https://www.ohio457.org/home

"ALERT:

Due to an error in the IRS database that processes Federal tax returns, the IRS is unable to validate Ohio DC’s tax identification number. This could affect your ability to file your taxes. We are in daily contact with the IRS to advocate for the fastest resolution possible."

So that sounds like a lot of fun.

Rick

[Just-Lisa-Now-]

"Due to an error in the IRS database that processes Federal tax returns, the IRS is unable to validate Ohio DC’s tax identification number. This could affect your ability to file your taxes. We are in daily contact with the IRS to advocate for the fastest resolution possible.""

Its not a name/EIN mismatch, for whatever reason, that EIN just isn't recognized in the IRS database.  IRS should be able to give people an EIN to use for this to stop this rejection and let these get pushed though electronically.