Some comments regarding your limited facts and questions:
- The first thing you need to do is get a new EIN as noted by @Critter-3
- Until we understand the following, we can't provide good direction for 2022
- As asked in another thread, is the new structure a partnership or an LLC?
- What state are husband and wife living in?
- Does the business operate outside of the state of residence of the partners or members?
- How was the entity funded? Any cash contributed?
- Is there any debt associated with either the inventory or assets?
As you can see, regardless of the size of the entity, the tax issues can get complicated quickly.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
