A husband and wife owned a corporation together, he was a 60% shareholder she was 40%. The corporation went out of business without fulfilling all of its tax obligations. The same day the business closed, a newly-incorporated entity bought all of their inventory, used the same website and phone number, hired all their employees and continued to do the same line of work. This new business was solely owned by the wife, who had formerly owned 40%.
The IRS collected approximately $400,000 from the new businesses' receivables and bank accounts to satisfy the tax debt. The Seventh Circuit agreed with the IRS's claim that the two corporations were basically the same, and that they could not claim that the new corporation was not liable for the old corporations tax liability.
We can help you with your corporation. Whether you are new to business, or an old pro, we specialize in business and would love to help you with y
The IRS collected approximately $400,000 from the new businesses' receivables and bank accounts to satisfy the tax debt. The Seventh Circuit agreed with the IRS's claim that the two corporations were basically the same, and that they could not claim that the new corporation was not liable for the old corporations tax liability.
We can help you with your corporation. Whether you are new to business, or an old pro, we specialize in business and would love to help you with y
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