You will have to inform the internal revenue service about your decision. If you are the only owner of this business or company then all you need to dispatch a letter from the address where you file annual tax returns. Your letter will address the relevant authority and you will provide all the details along with your signatures in the end.
If you have partners then simply a letter will not be enough rather you will have to visit the nearest revenue office. Ask them for the relevant form and fill the appropriate boxes. There are different forms for employer identification number change and name change.
Sometimes, the revenue department provides you the facility to go through this process online. You should visit the board of revenue website and check their policy. You can also fax your filled forms or simply an email will also notify the relevant authority. However, if you are running a big organisation with lots of partners then you may have to show up personally.
Once you are assigned a new EIN or business name, the old titles and numbers will be invalid. Make sure that you are not using those numbers and names while filing next tax returns. It is better to get pre-filled forms to avoid any mistakes. Remember, revenue department will not only reject your tax returns but they assess penalties against your business.
Now, when the revenue department has allowed you to have new EIN and business name, you should inform all the related organisations especially the bank. You must use your new business name and number in financial matters otherwise the bank can raise objection in case of any difference in the documents.