What is the name of your state? Arizona
In March 2007 we purchased 67% of an existing corporation (the remaining 33% is owned by additional business partners). Under the sales agreement, we included a stipulation that all existing liabilities and IRS issues remain with the previous majority owner. We received a letter from the IRS about past due taxes (under the corporation's EIN which we continued to use when we took over) for liabilties that existed prior to us taking over ownership. When we contacted the IRS we found out that there has been an ongoing case with the previous owner for tens of thousands of dollars owed from 2005 and 2006.
Will the IRS be able to separate our tax liability (which for us is current and paid) from the unpaid amounts of the previous owner under this same EIN?
Thank you.
In March 2007 we purchased 67% of an existing corporation (the remaining 33% is owned by additional business partners). Under the sales agreement, we included a stipulation that all existing liabilities and IRS issues remain with the previous majority owner. We received a letter from the IRS about past due taxes (under the corporation's EIN which we continued to use when we took over) for liabilties that existed prior to us taking over ownership. When we contacted the IRS we found out that there has been an ongoing case with the previous owner for tens of thousands of dollars owed from 2005 and 2006.
Will the IRS be able to separate our tax liability (which for us is current and paid) from the unpaid amounts of the previous owner under this same EIN?
Thank you.